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16 Apr 2013
Forex: NZD/USD rebuffed by 0.8500 level
FXstreet.com (Barcelona) - The NZD/USD rebounded off the 0.8445 level during European trading Tuesday, having failed to extend lower. This move was met with parallel stubbornness, as the 0.8500 level was also unable to be breached, stopping short at 0.8490 (session high). In these moments, the cross is steadfastly operating +0.83% above it’s opening, settling at 0.8475/76.
Mataf.net analysts points to short-term resistances at 0.8573, onto 0.8654, and 0.8737. On the decline, the NZD/USD is slated to face short-term support at 0.8349 ahead of 0.8266, and finally the 0.8155 handle.
According to the ICN.com Analyst Team, “The NZD/USD's steep decline on Monday ceased and has returned up again. However, the pair settles below 78.6% correction at 0.8530, supporting the return of the downtrend and its continuation, helped by the negativity of the stochastic. Our negative expectations stand valid unless the pair surpasses that correction.”
Mataf.net analysts points to short-term resistances at 0.8573, onto 0.8654, and 0.8737. On the decline, the NZD/USD is slated to face short-term support at 0.8349 ahead of 0.8266, and finally the 0.8155 handle.
According to the ICN.com Analyst Team, “The NZD/USD's steep decline on Monday ceased and has returned up again. However, the pair settles below 78.6% correction at 0.8530, supporting the return of the downtrend and its continuation, helped by the negativity of the stochastic. Our negative expectations stand valid unless the pair surpasses that correction.”