The New Zealand dollar may recover from its recent losses against the USD based on my technical analysis. As you can see from the 1-hour chart of the NZDUSD pair, its rise was halted by a resistance at 0.8000. As a result, the pair weakened and fell back to around 0.7950. Since this level was a resistance in the past, it is possible that the pair may rebound off of it. Note also that the 0.7950 marker lines up with the pair’s uptrend line. Anyway, a rebound from its near term support may send it back to 0.8000. On the other hand, a breach of the 0.7950 support may send it down to its downside target of 0.7900.
