NZD/USD breaks below 0.6250 and hit fresh monthly lows

By FXStreet FXStreet (Córdoba) – Greenback strengthened across the board during the last hours as stocks in Wall Street failed to hold to gains. NZD/USD was moving to the upside, after falling on Asian hours and turned again to the downside.

NZD/USD about to post the lowest close in years

Earlier the pair dropped after the release of weak Chinese economic data and found support at 0.6255. From there it recovered during the European session and even reached levels on top of 0.6300. Afterwards again turned to the downside and plummeted, breaking the 0.6250/55 support area.

Price bottomed at 0.6235, the lowest intraday level since August’s Black Monday. Currently is hovering around 0.6240, attempting to stabilize, headed toward the lowest daily close since July 2007.

NZD/USD levels to watch

To the downside, potential support might lie at 0.6235 (daily low), 0.6200 and 0.6185 (July 2007 lows). On the opposite resistance could be located at 0.6255, 0.6305 (daily high) and 0.6330 (Sep 22 high).
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Source:: FX Street