Forex: NZD/USD testing resistance at 0.8406
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NZD/USD
FXstreet.com (Barcelona) - The kiwi has made steady gains against its American counterpart at the onset of the New York session Wednesday, fueled in part by risk appetite. Having regained the 0.8400 level, the pair is now testing this region, attempting to hold on in these moments.
At the time of writing, the NZDUSD has secured a steadfast gain of +0.49% Wednesday. According to Mark De La Paz, an analyst at FX Instructor, the following resistances lie at 0.8406 onto 0.8432. Conversely, a plunge below the 0.8385 level will trigger supportive structures at 0.8360, and ultimately 0.8339.
"The NZDUSD has a bullish bias in the hourly charts suggesting a further push higher may be in the cards. As a high level pattern aggressive buys may be taken with 0.8406 as the immediate objective, a break of which opens the possibility of a run towards the 0.8432 level." De La Paz suggests.
At the time of writing, the NZDUSD has secured a steadfast gain of +0.49% Wednesday. According to Mark De La Paz, an analyst at FX Instructor, the following resistances lie at 0.8406 onto 0.8432. Conversely, a plunge below the 0.8385 level will trigger supportive structures at 0.8360, and ultimately 0.8339.
"The NZDUSD has a bullish bias in the hourly charts suggesting a further push higher may be in the cards. As a high level pattern aggressive buys may be taken with 0.8406 as the immediate objective, a break of which opens the possibility of a run towards the 0.8432 level." De La Paz suggests.
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