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NZD/USD rejected above 0.7920, drops sharply

FXStreet (Córdoba) - The kiwi is falling agis the US dollar on Thursday, erasing most of the weekly gains.

NZD/USD jumped yesterday after FOMC minutes and rose further during the European session reaching 0.7975. But the pair failed to sustain above 0.7920 and started to decline as the US dollar gained momentum across the board. During the American session NZD/USD fell further and bottomed at 0.7843, just a few pips above the price it had before the release of the FED minutes.

NZD/USD with problems above 0.7900

The pair has been unable so far during October to post a daily close above 0.7910. Despite trading on top of the mentioned level several times, it was always rejected.

Today fell 120 pips from daily highs but NZD/USD is still headed toward a weekly gain of around a hundred pips, the best week so far since June.

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