NZD/USD rejected from 0.6500, back to test 0.6430

FXStreet (Córdoba) - NZD/USD is back into negative territory on Friday, and remains near the lows, consolidating important weekly losses.

NZD/USD unable to recover

The recovery of commodity prices boosted the kiwi against the US dollar during the Asian session. NZD/USD peaked at 0.6505, hitting the highest level in two days, but it was rejected from above 0.6500.

Initially the pair pulled back to 0.6460, and then as the US dollar gained momentum in the market, broke below and dropped to 0.6434, hitting a fresh daily low.

During the last hours it has been moving sideways, with resistance around 0.6450 and support around 0.6430 that is where yesterday’s lows also lie. A break below 0.6430 could open the way for a decline to test 0.6405 (August 26 low).

Currently it trades at 0.6450 marginally below the level it closed yesterday and almost 250 pips below the level it had a week ago, headed toward the weakest weekly close since 2009.