Forex: NZD/USD hits session lots at 0.8174/80

FXstreet.com (Barcelona) - The NZD/USD has erased its daily gains, entrenching itself in negative territory and establishing fresh session lows in these moments at the 0.8174/80. After yesterday’s risk-off movement, antipodean currencies have faced headwinds on a USD recovery this week. At the time of writing, the cross now finds itself -0.16% off its opening during European trading.

According to the Mataf.net technical analyst team, the NZD/USD will encounter its next short-term supports at 0.8164, followed by 0.8112, and 0.8043. Conversely, the pair is slated to face resistance at 0.8285, then 0.8354, and ultimately 0.8406.

“The NZD/USD dropped after breaking the ascending key support, now a resistance. It also dropped because it settled below 0.8280, which represents 61.8% correction. We believe the extension of the downtrend is likely.” recommends the ICN.com Technical Analyst team.