Forex: NZD/USD pares losses via improvement in sentiment

FXstreet.com (Barcelona) - The pair has pared its losses after the Finnish parliament has backed the rescue for Spanish banks in a vote held in the morning during European trading on Friday, paving the way for the eurogroup congregation at 10:00 GMT.

After settling above the mark of 0.8000 yesterday, the NZDUSD has refused to retreat back below that level Friday, and according to analyst P. Anantharajan at Precise Trader, "The pair is refocused on 0.8075 now after a near term setback. A break above 0.8075 extends the recovery toward 0.8240/0.8320. We expect the 0.7860/0.7840 support to hold now on weakness ahead of 0.7750 - a break below however favours bears."

At the present, the cross is operating in the zone of 0.8034, practically unchanged since its opening. Mataf.net technical analysts highlight the next resistance levels at 0.8054, 0.8086, and ultimately 0.8117. On the downside, the pair will encounter supports at 0.7991, 0.7960, and finally 0.7928.