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NZD/USD resists the selling pressure; back above 0.8300
FXStreet (Moscow) - NZD/USD has recovered to 0.8310 after trying to settle below 0.8300 pivot; the pair set new multi month low at 0.8286 during Asian hours.
No respite for kiwi
NZD/USD has been tumbling down since early July, after topping out at 0.8835. The pair has lost more than 500 pips and this is not the end yet as negative fundamental factors such as disappointing Global Dairy Auction results (-6.0% from previous event) are coupled with bearish technical picture. The pair broke below 0.8300, and daily close below the said level will increase the selling pressure on NZD. Moreover, USD is growing across the board, which is dragging NZD/USD lower too.
What are today’s key NZD/USD levels?
The pair is currently trading at 0.8310, while the initial support is seen at 0.8280 (February 23 low), 0.8259 (February 24 low) and 0.8250; the resistance is seen at 0.8323 (current Asian high) and followed by 0.8350
