NZD/USD hits more than two-month lows, falling to 0.6428
The pair is finally getting its breakout for the week and it is a breakdown for the kiwi as price falls below both its 100-day MA (red line) and is extending lower now.
Price action throughout the week has been caught in between both key daily moving averages but once again, the market saying proves right: 'if something can't go up on good news, there's only one other way it will go'.
Right now, NZD/USD is moving towards a test of the 61.8 retracement level @ 0.6415 with further support seen at the 0.6400 level next.
It is a bit of a slippery slope for the pair as price action begins to break out after being coiled up for a few days at the start of the week. The US jobs data will be the next key risk event to watch but just be mindful of virus headlines as well ahead of the weekend.
