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NZD/USD en-route to retest RBNZ low

FXStreet (Bali) - Following a slightly more dovish tone than expected by the RBNZ at today's meeting, the NZD/USD is resuming its downward momentum by re-taking the 0.82, currently at 0.8190, approaching the post RBNZ low at 0.8180.

Technically, below 0.82, Jim Langlands, Founder at FXCharts, notes "the Fibo support (61.8% Fibo 0.7670-0.8839) at 0.8145 and the 200 WMA at 0.8135 before an eventual test of the 2014 low at 0.8051 on Feb 4, from where it bounced sharply."

The bear trend continues to offer shallow pullbacks, so expect the recoviries to remain limited, with today's key swings high to protect by sellers situated at 0.8220 and 0.8250.

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