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NZD/USD struggling to regain 0.8400

FXStreet (Córdoba) - The NZD/USD remains under pressure at the beginning of the European session having lost the 0.8400 level and hit a 5-month low, although a minor recovery is taking place.

The NZD/USD has dropped nearly 5% ever since peaking at 0.8834 early July, having already retraced more than 50% of its 2014 rise. The 61.8% Fibo of 0.8051-0.8834 stands at 0.8350 and is next major support on the Kiwi’s bearish path. At time of writing, the NZD/USD is trading at 0.8395, recording a 0.25% loss Wednesday.

NZD/USD further levels

Below 0.8350, next supports for NZD/USD are seen at 0.8300 (psychological level) and 0.8291 (Feb 27 low). On the other hand, if the pair manages to regain 0.8400, next resistances line up at 0.8432 (Aug 20 high) and 0.8464 (200-day SMA).

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