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NZD/USD slides further below 0.7900

FXStreet (Córdoba) - NZD/USD dropped sharply during the Asian session and continue to slide on European hours until if found support around the 0.7840 level. The pair rebounded during the last hour as the US dollar retreated across the board.

NZD/USD weakened by dairy prices and USD

At the beginning of the day the kiwi weakened in the currency market after a dairy auction showed a decline of 3.1% in prices. NZD/USD continued to decline as greenback gained momentum and bottomed at 0.7837, reaching the lowest price since last Friday. From the lows, the pair rose 30 pips and it was trading at 0.7866, down 0.75% for the day.

The pair dropped 135 pips from Tuesday’s highs that lie around a key short term resistance located around the 0.7975 area, that capped the rally of the kiwi several times during the current week.

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