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NZD/USD approaches 2014 lows

FXStreet (Córdoba) - The kiwi dropped sharply against the US dollar during the European session. NZD/USD was trading at 3-day highs and turned to the downside, moving toward 2014 lows.

NZD/USD gains evaporated

The pair peaked at 0.7840 hours ago, boosted by employment data from New Zealand but trimmed gains afterwards and then reversed sharply. Price fell below 0.7775, the level it had before the report and continued to move to the downside.

The area around 0.7715 capped the downside and NZD/USD made a small bounce. The recovery failed to bring the pair 0.7750 and it moved back toward daily lows. Ahead of the release of the ADP employment report it was trading at 0.7725, more than a hundred pips below daily lows and just 25 pips above 2014 lows.

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