Forex: NZD/USD resumes the downturn below 0.84

FXstreet.com (Barcelona) - NZD/USD is last at 0.8408, off recent fresh 7-day lows at 0.8376, down -2.05% for the week, since previous Asia-Pacific open yesterday. The pair resumes the retrace started past Thursday from fresh 1.5-year highs at 0.8676, following “Chinese GDP disappointing yesterday and softer than expected U.S. data adding to concerns about a (Northern Hemisphere) spring slowdown," said ANZ in its morning report.

NZD/USD is now pulling back latest ascending trendline coming from March 13 double intraday low at 0.8160, last around the 0.8415 level, broken down after the Boston bombing attacks. Massive sell-off in commodities such as Gold that has closed in NY down -8% from today alone, adding more than -13% in last few days, has also weighed on currencies such as Kiwi.

Immediate support to the downside for NZD/USD lies at recent mentioned 7-day/April 05 lows 0.8376, followed by April 04 lows at 0.8360, and March 28/29/April 01 lows at 0.8350. To the upside, closest resistance shows at April 02/03 highs at 0.8447, followed by yesterday's Asian session lows at 0.8477, and Friday's lows at 0.8546.