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NZD/USD retreats after finding resistance near 0.8000

FXStreet (Córdoba) - NZD/USD is falling on Thursday, trimming weekly gains. Yesterday the pair jumped 150 pips from 0.7840, but the rally lost momentum below 0.8000. Today approached again to the 0.8000 area but failed to break and reversed sharply on European hours.

An hour ago the pair bottomed at 0.7885, reaching the lowest price since Wednesday’s American session. Then rebound and currently trades at 0.7920/25, 120 pips above the level it had at the beginning of the week.

NZD outperforming commodity currencies

Despite the decline of stocks worldwide amid risk aversion, the kiwi showed strength during the last few days, probably supported by a recovery in dairy prices. AUD/NZD dropped from 1.1140 to 1.1000 while NZD/CAD rose toward 0.9000, reaching the highest price in almost a month.

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