FXStreet (Córdoba) – NZD/USD resumed the downside and in few hours erased two days of gains, falling toward multi-year lows. The pair broke below 0.6860 during the American session and extended the decline. It bottomed at 0.6816, less than 5 pips above Tuesday’s lows.
The kiwi continues to be among the weakest currencies in the forex market amid expectations of another rate cut by the Reserve Bank of New Zealand. The recently slide in NZD/USD was triggered by a stronger US dollar, that gained momentum in the market amid a decline in US government bonds.
NZD/USD technical levels
To the upside resistance levels could be located at 0.6860 (intraday), 0.6895 (daily high) and 0.6925 (June 25 high). On the opposite direction support might lie at 0.6815 (weekly low), 0.6800 (psychological) and 0.6770.
(Market News Provided by FXstreet)