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6 Feb 2013
Forex: NZD/USD recovers slightly after brush with support
Just when it seemed the NZD/USD had regained some stability during overnight trading, the pair once again turned negative, falling 20 pips in recent moments to hit a session low of 0.8411 during European trading. After falling below this supportive mark however, the cross rebounded slightly to the 0.8421/28 region to operate presently down -0.31% Wednesday.
According to the Technical Analyst Team at ICN.com, the cross will be fortified by supports at 0.8415, down to 0.8400 (key downside barrier), and ultimately 0.8355. On the upside or in regards to a recovery, the NZD/USD will face calculated resistance at 0.8450, then 0.8480, and finally the 0.8500 handle.
Later tonight at 21:45 GMT, the busy week in New Zealand continues with some key data, including the Employment Change (Q4) and the Unemployment Rate (Q4).
“Despite the recent plunge, we do see scope for the possibility of an upside move as the NZD/USD is stable above the 0.8355 level, though the bullish move requires confirmation with a breach of 0.8480 region.” writes the ICN.com analysts.
According to the Technical Analyst Team at ICN.com, the cross will be fortified by supports at 0.8415, down to 0.8400 (key downside barrier), and ultimately 0.8355. On the upside or in regards to a recovery, the NZD/USD will face calculated resistance at 0.8450, then 0.8480, and finally the 0.8500 handle.
Later tonight at 21:45 GMT, the busy week in New Zealand continues with some key data, including the Employment Change (Q4) and the Unemployment Rate (Q4).
“Despite the recent plunge, we do see scope for the possibility of an upside move as the NZD/USD is stable above the 0.8355 level, though the bullish move requires confirmation with a breach of 0.8480 region.” writes the ICN.com analysts.