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8 May 2013
Forex: NZD/USD breaks lower towards 0.8400 in uneven trading
FXstreet.com (Barcelona) - The NZD/USD has witnessed a violent decline, in conjunction with sporadic pricing overnight and into the European session Wednesday. These moves come on the heels of action across the antipodean economies, characterized by a staunch volume increase in the NZD. Clearly the kiwi has been on the receiving end of a punishment that left the cross whipped, trading at calculated support.
Briefing the technical levels, the Mataf.net analyst team identifies the next short-term supportive structures for the NZD/USD at 0.8404, then 0.8363, and finally 0.8303. Alternatively, a paring of recent losses, coupled with a steadfast advance will result in a testing of resistances at 0.8505, onto 0.8565, and finally 0.8606.
“Thus far, the fact that the NZD/USD ground lower through most of the overnight session seems to be more a reflection of some ‘catch-up’ to the AUD rather than any change in global fundamentals. This is additionally supported by the RBNZ stability report.” notes the BNZ Research Team.
Briefing the technical levels, the Mataf.net analyst team identifies the next short-term supportive structures for the NZD/USD at 0.8404, then 0.8363, and finally 0.8303. Alternatively, a paring of recent losses, coupled with a steadfast advance will result in a testing of resistances at 0.8505, onto 0.8565, and finally 0.8606.
“Thus far, the fact that the NZD/USD ground lower through most of the overnight session seems to be more a reflection of some ‘catch-up’ to the AUD rather than any change in global fundamentals. This is additionally supported by the RBNZ stability report.” notes the BNZ Research Team.