NZD/USD unable to hold 0.7900 prices

FXStreet (San Francisco) - The New Zealand dollar rose 70 pips from 0.7835 to break above 0.7900 and publishing maximum 2-week highs at 0.7905 against the US Dollar. However, the NZD/USD was unable to maintain its value after finding selling interest at this level and is now trading back to 0.7880.

Earlier in the day, the NZD/USD moved in ranges during the Asian session until it broke above a key short term resistance at 0.7840 and rose to current prices in the American session. Currently, NZD/USD is trading at 0.7884, up 1.12% on the day, having posted a daily high at 0.7908 and low at 0.7793.

The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.

NZD/USD sentiment

On Wednesday the pair is recovering for the second day in a row; moving away from November 11 low of 0.7710. If the pair extends gains above 0.7900, it will find next resistances at 07960 and 0.8000.

To the downside, supports are at 0.7840, 0.7825 and 0.7790.