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NZD/USD makes fresh 7-month lows

FXStreet (Córdoba) - NZD/USD dropped to fresh 7-month lows at the beginning of the European session as the kiwi continues to weaken on the back of Reserve Bank of New Zealand decision to keep rates unchanged.

The RBNZ stayed on hold after four consecutive rate hikes and said it is prudent to undertake a period of monitoring and assessment before considering further policy adjustment. NZD/USD broke below 0.8200 and following a short-lived recovery attempt, it fell to its lowest level since early February at 0.8172.

NZD/USD technical levels

At time of writing, NZD/USD is trading at 0.8178, 0.46% below its opening price. In terms of technical levels, next supports are seen at 0.8172 (daily low), 0.8125 (Jan 30 low) and 0.8100 (psychological level). On the other hand, resistances could be found at 0.8264 (Sept 10 high), 0.8283 (Sept 9 high) and 0.8300 (psychological level).

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