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Forex: NZD/USD breaks lower towards 0.8400 in uneven trading

FXstreet.com (Barcelona) - The NZD/USD has witnessed a violent decline, in conjunction with sporadic pricing overnight and into the European session Wednesday. These moves come on the heels of action across the antipodean economies, characterized by a staunch volume increase in the NZD. Clearly the kiwi has been on the receiving end of a punishment that left the cross whipped, trading at calculated support.

Briefing the technical levels, the Mataf.net analyst team identifies the next short-term supportive structures for the NZD/USD at 0.8404, then 0.8363, and finally 0.8303. Alternatively, a paring of recent losses, coupled with a steadfast advance will result in a testing of resistances at 0.8505, onto 0.8565, and finally 0.8606.

“Thus far, the fact that the NZD/USD ground lower through most of the overnight session seems to be more a reflection of some ‘catch-up’ to the AUD rather than any change in global fundamentals. This is additionally supported by the RBNZ stability report.” notes the BNZ Research Team.

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