The eurozone crisis keeps scaring away risk-averse investors and pressing the New Zealand Dollar.
According to ANZ, the recent strengthening of the NZ Dollar wasn’t attended by major corrections. However, the latest positive new on the Australian economy failed to support the rally of NZDUSD, thus yielding to Spanish problems. According to the experts of ANZ, the market keeps feeling pressure as most buyers are now reducing exposure. The NZ Dollar may well continue its bearish move along with further negative reports from the eurozone.
As for the internal news background, investors are looking forward to the forthcoming meeting of the Reserve Bank of New Zealand.
According to , NZDUSD has finished forming a bearish move, which is represented by wave А/В of level Н4.
A break below the local low at 0.7865 will resume the downtrend. In this case, the MF pivot 0.7860 will turn into the closest major level of support. A break above the local high at 0.8054 will initiate a bullish move - wave А(С)/С inside a bigger scale upswing, represented by А/В of Weekly. The closest major level of resistance will be found at 0.8073.
