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25 Mar 2013
Forex: NZD/USD testing resistance a 0.8355/60
FXstreet.com (Barcelona) - The NZD/USD rocketed higher Monday, as risk appetite permeated across the markets during European trading. After peaking briefly at the 0.8372 region (session high), the pair has eased slightly back to resistance at the 0.8355 level in these moments. At this point, the cross is recording an advance of +0.21% above its opening.
“Although the NZD/USD is biased to the downside, trading is stable above the downtrend's key resistance – the upper line was breached earlier, therefore, the possibility of the return of the uptrend is quite favorable and as such, stability above the 0.8200 barrier is a positive indication, probably causing a bullish rebound.” notes the ICN.com analyst team.
After barreling through resistance at 0.8310, the ICN.com analysts, additional corrective structures lie ahead 0.8355 onto the 0.8400 barrier. Conversely, supports for the NZD/USD will initiate at 0.8200 onto 0.8155 and finally 0.8135.
Later tonight at 21:45 GMT, investors will learn of several trade figures for the New Zealand economy, including import, export and trade balance statistics.
“Although the NZD/USD is biased to the downside, trading is stable above the downtrend's key resistance – the upper line was breached earlier, therefore, the possibility of the return of the uptrend is quite favorable and as such, stability above the 0.8200 barrier is a positive indication, probably causing a bullish rebound.” notes the ICN.com analyst team.
After barreling through resistance at 0.8310, the ICN.com analysts, additional corrective structures lie ahead 0.8355 onto the 0.8400 barrier. Conversely, supports for the NZD/USD will initiate at 0.8200 onto 0.8155 and finally 0.8135.
Later tonight at 21:45 GMT, investors will learn of several trade figures for the New Zealand economy, including import, export and trade balance statistics.