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NZD/USD fails to hold above 0.7800

FXStreet (Córdoba) - The kiwi is rising against the US dollar on Monday but pulled back from the highs ahead of the American session. NZD/USD continued to rise from 0.7710 and peaked and hour ago at 0.7809.

The pair failed to hold above 0.7800 and retreated, trimming gains as Greenback recovered ground across the board. Currently trades at 0.7770/75, less than 15 pips above Friday’s closing price.

“NZD/USD begins this week near its 2014 lows, with a base forming at 0.7750. The 2013 low of 0.7784 marks the first line of serious support, with a dearth of technical supports below that”, noted Raiko Shareef, Currency Strategist at BNZ.

To the upside, immediate support might lie at 0.7800/10 and above here at 0.7830 (September 30 high).

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