NZDUSD tests fresh low
The NZDUSD attempts to halt the sell-off at the back end of last week.
- Despite a widespread cautious mood, the kiwi seems to have found a foothold around 0.5530.
- A tentative break above 0.5600 could be the start of a turnaround.
- A convincing breach could shake up momentum and propel prices toward 0.5660.
USDCHF retreats from monthly low
The US dollar pulled higher after halting the bearish rally that saw over 150 pips wiped off the pair.
- Prices bounced above 0.8200, suggesting a bullish reversal could be in the making.
- 0.8250 is the next target, as 0.8300 becomes the top target.
- However, the RSI’s step into overbought territory indicates a possible slowdown in momentum.
- 0.8140 is a critical support level to prevent a deep correction.
EURJPY finding support
The Euro is another currency struggling to find support.
- On the chart, the pair is trying to hold on after falling lower in the past week.
- A further bearish downturn could send prices towards 175.25.
- Only a hold at 176.30 could bring the euro back into focus to reverse towards 178.00.
