Forex: NZD/USD settles at 0.8225/27

FXstreet.com (Barcelona) - The muted trading session today has helped keep the NZDUSD in check, devoid of any large movements. As such, the pair has been unable to avoid trading in negative territory today, as it is entrenched there at the onset of American trading. At the time of writing, the cross has settled at 0.8225/27.

Presently, the cross is operating in negative territory, incurring a loss of -0.18%. "We may see a short term rebound as price has gone extremely oversold over the lower timeframes, however, due to the strong bearish bias, we prefer to stay aside awaiting further confirmation for the next potential move." warns the ICN.com Analyst Team.

From a technical point of view the NZDUSD is testing support at 0.8200, after which it will encounter 0.8170 and 0.8120. Conversely, the pair is slated to encounter resistances at 0.8250, then 0.8275 and finally 0.8300, notes the ICN.com analysts.