FXstreet.com (San Francisco) - NZD/USD has entered a brief period of consolidation after a sharp drop to fresh 2-week lows sub-0.7900 today, having fallen to as low as 0.7866.
The dip comes amid strong U.S. dollar demand as problems in Greece and Spain stimulate a new round of concerns about Europe's debt crisis, once again fueling a flight into safe-haven assets.
At the time of writing, NZD/USD is quoted in the 0.7885 price zone as it meanders between 0.7866 and 0.7898, down 1.3% from past Friday’s close. If the selloff continues in the hours ahead, support lies at 0.7840 (28 June low) and 0.7810 (100-week EMA). Upside rallies may be capped by 0.7913 (55-day EMA).
The dip comes amid strong U.S. dollar demand as problems in Greece and Spain stimulate a new round of concerns about Europe's debt crisis, once again fueling a flight into safe-haven assets.
At the time of writing, NZD/USD is quoted in the 0.7885 price zone as it meanders between 0.7866 and 0.7898, down 1.3% from past Friday’s close. If the selloff continues in the hours ahead, support lies at 0.7840 (28 June low) and 0.7810 (100-week EMA). Upside rallies may be capped by 0.7913 (55-day EMA).
