FXStreet (Córdoba) – The kiwi continues to be unable to make a significant recovery against the US dollar after starting the week trading at multi-year lows. Expectations about a shift in the Reserve Bank of New Zealand monetary policy bias continues to weigh on NZD crosses.
Yesterday NZD/USD rose modestly and rallied from 0.7090 until it found resistance below 0.7200. Today lost momentum and dropped to 0.7115. From there bounced to the upside but again failed to hold above 0.7170. Currently trades at 0.7140/45, 30 pips below yesterday’s closing price.
NZD/USD outlook
The pair continues to face pressure on a wider perspective. The decline so far found support around 0.7070 but the recovery was limited. Price has been able since Tuesday to hold above the 20-SMA in the four hour chart removing some intraday pressure but the main trend remains bearish.
(Market News Provided by FXstreet)