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NZD/USD struggles at 0.8800

FXStreet (Barcelona) - NZD/USD is trading at 0.7893, down -0.11% on the day, having posted a daily high at 0.7916 and low at 0.7892.

NZD/USD moved up to challenge the 0.79 handle again from 0.7840. The NZD has been fuelled as policy makers in China eased property restrictions amid concerns of a weak economic growth, as Mr. Gittler, Head of Global FX Strategist IronFX pointed out and continued to say, “However, weakening fundamentals like the latest fall in wholesale dairy prices, the declining commodity prices and the possibility of another RBNZ currency intervention are expected to weigh on the currency. With this in mind, I could see kiwi to weaken more in the near future”. Mr Gittler added, “As long as the rate is printing lower lows and lower highs below the trend line and below both the moving averages, I still see a negative short-term picture”.

NZD/USD key levels

Support: 0.8760, 0.8740, 0.8700.

Resistance: 0.8000 (R1), 0.8080 (R2), 0.8180 (R3).

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