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Forex: NZD/USD clinging to 0.8400

FXstreet.com (Barcelona) - The kiwi dollar is intensifying its weekly descent vs. the buck on Wednesday, despite the generalized trend favouring riskier assets and high-beta currencies. The cross rapidly breached the key support at 0.8400 during the Asian session following quite dovish comments by RBNZ’s governor G.Wheeler, emphasizing that the central bank would be ready to intervene in the exchange rate.

“With the commentary coinciding with a break of an ascending trendline off of the March and April lows, the NZDUSD looks like it could be poised for a run underneath 0.8300 in the coming weeks”, suggested Currency Analyst C.Vecchio at DailyFX.

The pair is now losing 0.68% at 0.8399 with the next support at 0.8376 (MA100d) ahead of 0.8360 (low Apr.23) and then 0.8358 (61.8% of 0.8162-0.8676).
On the flip side, a breakout of 0.8414 (low Apr.24) would aim for 0.8440 (hourly high/lows May 8) en route to 0.8474 (low May 3).

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