NZD/USD broke below the 100-day SMA and plunged to a 11-week low late Thursday in New York on concerns about the kiwi currency's weakening fundamentals while a lack of confidence in euro added to the relative strength of the greenback.

At 9:44 pm GMT, the pair was at 0.7392, off an intra-day low of 0.73416, its lowest since October 1. NZD/USD had closed Wednesday at 0.7395.

The pair is now testing support at 0.7323 (S1) a break below which will take it to 0.7212 (S2), which lies close to the 200-day SMA.

If the pair moves up as indicated by momentum indicator RSI, then one should see initial resistance near 0.7431 (R1) and above that, 0.7575 (R2), which falls between the 20-day and 50-day SMAs. Further up, NZD/USD could stop around 0.76298.

 

NZD/USD

NZD/USD at 11-week low