Forex: NZD/USD trades near support at 0.8040
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NZD/USD
FXstreet.com (Barcelona) - The NZDUSD has shed nearly 15 pips in the past hour, as risk aversion mounts in the market Wednesday. Moreover, the pair has consistently underperformed its 50, and 100 hourly SMA, recently retreating from a session high of 0.8062. At the time of writing, the pair operates loosely at 0.8040, which constitutes a mild decline of -0.06% on the day.
According to the Technical Analyst team at ICN.com, "The NZDUSD is trading at the critical 0.8037 level, which is the neckline for a possible Double Top pattern. At the same time, without the breach of this level, the negative pattern will not be confirmed and the positive continuation pattern will remain valid. The Linear Regression Indicators are negative, however so far remain neutral and accordingly we still hold our neutral outlook."
In terms of the technical levels, ICN.com analysts posit the pair will encounter short-term support at 0.8040, 0.8015, and finally 0.8000. On the ascension, the pair's rise will be sequestered by resistive measures located at 0.8080, then 0.8100, and 0.8135.
According to the Technical Analyst team at ICN.com, "The NZDUSD is trading at the critical 0.8037 level, which is the neckline for a possible Double Top pattern. At the same time, without the breach of this level, the negative pattern will not be confirmed and the positive continuation pattern will remain valid. The Linear Regression Indicators are negative, however so far remain neutral and accordingly we still hold our neutral outlook."
In terms of the technical levels, ICN.com analysts posit the pair will encounter short-term support at 0.8040, 0.8015, and finally 0.8000. On the ascension, the pair's rise will be sequestered by resistive measures located at 0.8080, then 0.8100, and 0.8135.
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