NZD USD jumped near 1 month lows
8/10/2017 3:52:29 PM
According to Forex trading market The NZD/USD pair fell above 80 pips to 0.7352 level. Furthermore, a pickup in the US Dollar demand, supported by a modest increasing in the US Treasury bond yields, additional intensified the selling pressure around higher-yielding currencies and pulled the pair to near 4-week lows, around the 0.7258 area.
From current levels, instant support is fixed near 0.7218 level, below which the pair is probable to break below the 0.7200 handle and aim towards testing 80-day EMA support near the 0.7138 area. On the other hand, any recovery move might now provoke some fresh supply near the 0.7311 mark, which if cleared might cause a short-covering bounce back towards the 0.7365-75 persistence area.
FOREX market analysis by FxErvin.