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Forex: NZD/USD trading negatively at 0.8450/53

The NZD/USD has taken a dive in recent minutes, establishing a daily low in the neighborhood of 0.8435 during European trading Monday. However, support kicked in near the 0.8400, fortifying the pair from falling lower. At the time of writing the pair is still trading in negative territory, as the cross has settled in the 0.8450/53 mark.

According to the ICN.com Analyst Team, “The NZD/USD managed to breach the minor resistance levels shown on the graph, and is currently stable above the linear regression indicators. Therefore, we might see an upside move during this week provided that 0.8480 areas hold to extend this upside move. As long as the pair is stable above 0.8355 levels we will remain positive.”

Earlier this morning during overnight trading in New Zealand, ANZ Commodity Price reported a gain of +0.3% in January, relative to +1.0% previously. Later tonight at 21:45 GMT, New Zealand is slated to release the Labor Cost Index (QoQ and YoY) in the forth quarter, calling for positive projections of +0.5% and +1.9% respectively.

After recording a loss of -0.34% on the day, the ICN.com analysts point to supports at 0.8440, onto 0.8400, and 0.8355. Conversely, a prolonged thrust above the 0.8480 handle will trigger resistances at 0.8500 and 0.8535.

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