NZD USD weakening more than before
3/9/2017 12:22:01 PM
The NZD/USD pair expanded its strong weakness momentum and plunged below the 0.6893 handle for the first time since beginning of the year.
From technical view, the pair is moving slowly closer to yearly lows support near 0.6887 level and therefore, a follow through weakness below the said support would open room for persistence of the pair near-term bearish slide.
Decline below 0.6887 immediate support is probable to get expanded towards Dec. lows support near 0.6857 area, which if broken would turn the pair at risk to break below the 0.6800 handle and head towards testing its next major support near 0.6777 zone.
On the upside, recovery beyond session peak persistence near 0.6917 area has the possible to boost the pair towards 0.6953 horizontal level ahead of 0.6977 strong hurdle.
FOREX market analysis by FxErvin.