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Forex: NZD/USD breaks below 0.8300

FXstreet.com (Barcelona) - The NZD/USD is last at 0.8277, off session lows at 0.8262, slightly above Friday's fresh 7-week lows at 0.8258, near the ascending trend line support from July last year at around 0.8250 now, as CTA Jonathan Eliasof at Pattern Traders Ltd. mentioned in his Twitter account. Data from residential house price index in NZ showed a monthly increase of +0.8% for the month of April, lowest in last 3 months, coming from previous of +2.4%.

Food price index for NZ came in at +0.2% m/m from a previous of -1.3%, to end up the year at -0.1% y/y. According to IFR Markets analyst Brent Hansen: “Domestic traders are wary of re-building short term NZD longs in current environment,” with the pair now only a +0.81% higher year to date, coming from a 3.5-year high past April 11 at 0.8677.

Immediate support to the downside for NZD/USD lies at recent session/Friday's fresh 7-week lows 0.8261/58, followed by Feb 26/27 lows at 0.8353, and March 04/08 lows at 0.8186/1. To the upside, closest resistance shows at 200 day SMA 0.8284, followed by Wednesday's/Thursday's lows at 0.8358/51, and Friday's highs/Tuesday's lows at 0.8420.

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