NZD/USD drops to 7-month lows

FXStreet (Córdoba) - The Kiwi continues to slide against the US dollar and on Friday is falling for the fifth day in a row. After Wall Street opening bell, NZD/USD dropped to 0.8143 reaching the lowest price since February 4, 2014.

Afterwards rebounded and trimmed losses. Currently trades at 0.8160/65, down 0.25% for the day. The recovery from the lows is facing resistance around 0.8160/70.

NZD/USD continues to move in one direction

The pair is about to post the fourth weekly loss in a row and has accelerated the decline. During the last five days lost 150 pips and 700 pips from July highs.

The trend remains bearish and the pair keeps falling despite the fact that technical indicators are showing oversold conditions.