29 Jan 2015
NZD/USD hits fresh multi-year lows below 0.7300
FXStreet (Córdoba) - NZD/USD dropped below 0.7300 for the first time since March 2011 and printed a fresh low at 0.7283. The kiwi weakened sharply in the market after the RBNZ statement and extended the slide during the European session.
The pair recovered ground during the Asian session but the recovery was short lived. After finding resistance below 0.7350, resumed the decline breaking below previous lows. “Large put expiries wait to be activated at 0.7295/0.7300 today”, said Ipek Ozkardeskaya, Market Analyst at Swissquote.
“Looking at NZD/USD, prices have made 4 years lows suggesting a shift in the previous broad multi-years horizontal range. We see medium-term downside risks in NZD/USD towards 0.6500 (May 2010 low)”, added Ozkardeskaya.
The pair recovered ground during the Asian session but the recovery was short lived. After finding resistance below 0.7350, resumed the decline breaking below previous lows. “Large put expiries wait to be activated at 0.7295/0.7300 today”, said Ipek Ozkardeskaya, Market Analyst at Swissquote.
“Looking at NZD/USD, prices have made 4 years lows suggesting a shift in the previous broad multi-years horizontal range. We see medium-term downside risks in NZD/USD towards 0.6500 (May 2010 low)”, added Ozkardeskaya.