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NZD/USD falls sharply towards 0.8350

FXStreet (Bali) - NZD is one of the worst performing currencies, with the exception of the Yen, amid a broadly bid US Dollar, taking the NZD/USD exchange rate towards 0.8350 after testing 0.8390 offers at the Tokyo open.

The strong buying on USD/JPY by Japanese mega-banks and other leveraged names on the break of 104.50, has caused the USD to strengthen significantly, with the Kiwi under-performing, allowing AUD/NZD to reclaim the upside, while 0.9345 Mon low comes quickly into focus.

If the Kiwi breaks lower, Jim Langlands, Founder at FX Charts Daily, notes "the next support is seen at around 0.8320/25, below which would take the Kiwi back to the trend low at 0.8310, which should act as strong support. A break of 0.8300 would hint at a run towards 0.8275(50% Fib of 0.7670-0.8839) and then 0.8242 (February 20 low)."

GBP/USD taking a further whack

GBP/USD is trading at 1.6588, down -0.12% on the day, having posted a daily high at 1.6617 and low at 1.6578.
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