NZD/USD chart daily 5/8/2012" rel="nofollow" target="_blank">
NZD/USD chart daily 5/8/2012" title="NZD/USD chart daily 5/8/2012" width="672" height="452">
Commodity currencies like the CAD, AUD and NZD are showing weakness against the USD in the current bout of risk aversion. As the USD/CAD pushes above parity and AUD/USD slides toward parity, the NZD/USD is in a free-fall as well since breaking below consolidation support and 200-day simple moving average at 0.8060. It is at another pivot around 0.7875. Below this, the next pivot is in the 0.7750-0.7770 area.
As the market continues to slide and get into a short-term oversold condition, any pullback outlook should be limited to the 0.8050-0.8060 area. If the market does indeed hold below the 200-day SMA, the downside is open toward the November and December 2011 lows. The support zone there is between 0.7350 and 0.75.

Commodity currencies like the CAD, AUD and NZD are showing weakness against the USD in the current bout of risk aversion. As the USD/CAD pushes above parity and AUD/USD slides toward parity, the NZD/USD is in a free-fall as well since breaking below consolidation support and 200-day simple moving average at 0.8060. It is at another pivot around 0.7875. Below this, the next pivot is in the 0.7750-0.7770 area.
As the market continues to slide and get into a short-term oversold condition, any pullback outlook should be limited to the 0.8050-0.8060 area. If the market does indeed hold below the 200-day SMA, the downside is open toward the November and December 2011 lows. The support zone there is between 0.7350 and 0.75.