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NZD/USD threatens to break into fresh lows

FXStreet (Bali) - Even with an improved NZ PMI read earlier today, NZD/USD is failing to attract enough buyers to move away from its most recent low at 0.8164 after stalling its recovery just ahead of 0.82.

As Jim Langlands, Founder at FXCharts, notes: "The trend remains to the downside and a break of Thursday's low would head towards 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."

On the upside, key resistance is 0.82, with the level following, according to Jim, at "0.8215 (minor) and then at the 100 HMA at 0.8245 and then at the 200 HMA, 0.0.8285."

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