Analysts at Commerzbank, point out that the NZD/USD is falling toward the January trough at 0.6589, and noted that below, the key support is seen at 0.6464/24.
Key Quotes:
“NZD/USD’s descent is ongoing with the .6589 January low about to be reached. Failure at the .6589 level on a daily chart closing basis would put the August and September lows at .6544/00 and also the October lows at .6464/24 on the cards.”
“Minor resistance comes in between the late January and February lows as well as the 200 day moving average at .6706/29. Further resistance can be found between the mid-April high at .6784 and the 55 day moving average at .6795. Key resistance remains to be seen at the December, February and March highs as well as the five month resistance line at .6929/70.”
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