NZD/USD (current price: 0.6781)
The Kiwi continued its decline from its March highs on Thursday, as it fell almost 1% percent in volatile trading. FED Chair Janet Yellen helped the USD yesterday as she told the press that the central bank is ready to “proceed cautiously in adjusting policy.” The speech came after last week’s dovish comments by Mrs. Yellen that sent the Dollar lower against most currencies. NZD/USD remained under pressure last week, and the weakness continued this week, after the Kiwi got close to 0.7 in March for the first time since last June.
Our assessment: The pair could break below the support at 0.6770 following yesterday’s plunge, with the rising trend-line providing possible support around 0.67.
