fxs_header_sponsor_anchor

News

NZD/USD Price Analysis: Off lows by more than 250 pips

  • NZD/USD has recovered sharply from session lows. 
  • The pair is still trading under the 2020 descending trendline. 

The NZD/USD pair is currently trading near 0.6280, having hit a low of 0.6008 an hour ago. 

The flash crash in USD/JPY seen during the sixty minutes to 02:00 GMT weighed heavily over the NZD, pushing the NZD/USD pair down to lows near 0.60. That level was last seen in May 2009. The AUD/USD pair also took a beating during that one hour and fell to an 11-year low of 0.6314. 

However, despite the sharp recovery from session lows, it is still too early to call a bullish reversal in NZD/USD, as the pair is yet to take out the trendline falling from Dec. 31 and Jan. 24 highs. 

A close above that hurdle would put the bulls into the driver's seat and could yield rise to 0.6480, where the 200-day average is currently located. 

Should the bounce from session lows fade near 0.63, a fresh move lower toward 0.62 will likely be seen, as the risk-off tone in markets is showing no signs of weakening. 

Daily chart

Trend: Bearish

Technical levels

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.