NZD/USD unable to hold above 0.8700

FXStreet (Córdoba) - The NZD/USD is headed toward the first daily decline after rising in the previous four days, making a moderate correction, following a 200-pips rally. During the Asian session climbed to 0.8744 reaching the highest price since August 2011.

During the European session the Kiwi approached daily highs but lost momentum and pulled back, accelerating to the downside after breaking below 0.8710. Price bottomed at 0.8687, then bounce back above 0.8700 but it was unable to hold and recently fell to test daily lows.

Currently trades at 0.8695, down 0.22% for the day, but still more than a hundred pips above the price it had at the beginning of the week.