If 6 weeks of consecutive falls including a 3% last week weren’t enough, a 7th week of losses for NZD/USD is coming to light, and with a bang. Early in the Asian session, when liquidity is low and the dollar trend remained intact, the authorities in New Zealand provided a one-two punch that sent kiwi/dollar to lows last seen in late August 2013. NZD/USD fell from around 0.7850 to 0.7706 before bouncing back to stabilize around 0.7760, in a show of great volatility. As we wrote last week, the AUD and NZD currencies were on path for more devaluation. The newly re-elected Prime Minister John Key said that a “Goldilocks” exchange rate for NZD/USD would be around 65 cents. This is around 18% of a devaluation for the NZD$ at the time his comments came out, and these are levels last seen early in the global financial crisis. The second blow came from the RBNZ, and not for the first time. The central bank released its transactions data, and it revealed that Governor Wheeler and his colleagues intervened in August by selling $NZD 521 million, thus weakening the New Zealand dollar. While 521 million New Zealand dollars are not too much in the global markets, the fact that the Bank opted for intervention and probably did it quite wisely certainly joined in for a strong blow. On the way down, NZD/USD slipped below support at 0.7715, but recovered. The round number of 0.78 is weak resistance. For more, see the NZD/USD forecast. Here is how it looks on the weekly chart: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next German inflation remains at 0.8% y/y in September Yohay Elam 8 years If 6 weeks of consecutive falls including a 3% last week weren't enough, a 7th week of losses for NZD/USD is coming to light, and with a bang. Early in the Asian session, when liquidity is low and the dollar trend remained intact, the authorities in New Zealand provided a one-two punch that sent kiwi/dollar to lows last seen in late August 2013. NZD/USD fell from around 0.7850 to 0.7706 before bouncing back to stabilize around 0.7760, in a show of great volatility. As we wrote last week, the AUD and NZD currencies were on path for more devaluation. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.