NZD/USD fails to hold to gains and breaks below 0.7140

Matías Salord FXStreet

NZD/USD was unable to hold to gains and broke below the key short-term support located around 0.7140. The recovery from last week lows was short-lived and the kiwi remains under pressure.

The pair climbed from 0.7140 and peaked at 0.7176 but then turned to the downside amid a rally of the US dollar in the market, particularly against commodity currencies. NZD/USD broke below 0.7140 and tumbled to 0.7123, the lowest level in a week.

It was trading at 0.7130, 30 pips under Friday’s closing price and 130 pips below last week highs, holding a clear bearish tone.

Levels to watch

To the downside, immediate support might be located at 0.7120/25 (daily low), 0.7100 (psychological), 0.7075 (Oct 17 low). On the opposite direction, resistance could be seen at 0.7140/45 (Oct 21 low), 0.7157 (daily high) and 0.7200 (Oct 07 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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