NZD/USD: daily update
NZD/USD is declining for the fifth day in a row. Kiwi is trading by about 360 pips below Monday’s high. The pair’s probing $0.7800 (yesterday’s low, 200-week MA) to the downside and is looking vulnerable for a further decline to August low at $0.7736.
Note though that NZD is oversold in the short term. Support is $0.7736, $0.7700 and $0.7682. Resistance is at $0.7840, $0.7860 and $0.7900. We’ll think of selling if NZD recovers to the latter.
Chart. H4 NZD/USD