N.Z. Dollar May Extend Slide to 3-Month Low: Technical Analysis
This article is for subscribers only.
The New Zealand dollar may extend its decline to the lowest level in three months after dropping below its 200-day moving average last week, Commerzbank AG said, citing trading patterns.
The so-called kiwi is poised to drop to 74.58 U.S. cents, the weakest since June after breaching the moving average at 80.01 cents, technical analysts Karen Jones and Axel Rudolph in London, wrote in a note to clients today. The currency may find initial support at previous lows of 79.69 and 79.28, they said.