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Next Possible Support Levels For The Free-Falling NZD/USD

Published 05/08/2012, 06:05 PM
Updated 07/09/2023, 06:31 AM
AUD/USD
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USD/CAD
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NZD/USD
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CAD/AUD
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NZD/USD chart daily 5/8/2012" rel="noopener nofollow" target="_blank"><span class=NZD/USD chart daily 5/8/2012" title="NZD/USD chart daily 5/8/2012" width="672" height="452">

Commodity currencies like the CAD, AUD and NZD are showing weakness against the USD in the current bout of risk aversion. As the USD/CAD pushes above parity and AUD/USD slides toward parity, the NZD/USD is in a free-fall as well since breaking below consolidation support and 200-day simple moving average at 0.8060. It is at another pivot around 0.7875. Below this, the next pivot is in the 0.7750-0.7770 area.

 As the market continues to slide and get into a short-term oversold condition, any pullback outlook should be limited to the 0.8050-0.8060 area. If the market does indeed hold below the 200-day SMA, the downside is open toward the November and December 2011 lows. The support zone there is between 0.7350 and 0.75.

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