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NZD/USD recovery limited, back to 0.6450

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The New Zealand dollar dropped back below the level it closed on Friday against the US dollar after being unable to hold above 0.6470 on a quiet session in the forex market.

    NZD/USD fills gap but recovery limited

    After opening the week around 0.6409 (on Friday ended at 0.6460), the NZD/USD pair turned to the upside and filled the gap. It peaked during the European session at 0.6479 and then turned to the downside.

    It dropped to 0.6443 and currently is hovering around 0.6450, holding a soft bearish tone in the very short-term.

    Still under pressure

    The pair so far today did not reach fresh multi-month lows, but is about to post the twelfth daily loss out of the last thirteen days. Risk aversion weakened the pair that remain under pressure as market sentiment fails to recover. Today commodity prices attempted to rise, but quickly the recovery was capped.
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