NZD/USD Declines

The pair is trading lower in today's early hours. The high of 0.6752 made on Friday acted as strong resistance and bears did not miss the opportunity to join the ride. Currently, NZD/USD is trading at 0.6594, with a low of 0.6575.

If the resistance level holds the pair then we might expect a decline to first support level of 0.6520. If this level is breached, then the way South becomes a big possibility.

However, have in mind that these levels (0.60-0.65) are the lowest since mid-2009 and strong buying might we waiting at hand.

Chart: NZD/USD D1