Forex: NZD/USD trades negatively at 0.8175/78

FXstreet.com (Barcelona) - The NZDUSD has been on the losing side of the equation this morning during European trading, as the pair has failed to reverse a negative performance that has left it clinging to the region of 0.8175/77 after a brief confrontation with the 0.8200 level earlier today.

According to the ICN.com analyst team, "The NZDUSD turned above the linear regression indicators and that might extend the upside move to test the previous breached support. Prolonged stability above 0.8185 will extend the upside move toward 0.8255 and maybe 0.8310 - our positive expectations require stability above 0.8100."

In these moments the NZDUSD is declining by a margin of -0.21% below its opening price. After breaking the calculated support at the 0.8185 handle, the pair is reinforced the 0.8135 onto the 0.8100 barrier. Conversely, a break above the key 0.8200 level will lead to resistances towards the 0.8220, 0.8255, and finally 0.8310, writes the ICN.com analysts.

Consistent with the expectations of Global Strategist Imre Speizer at Westpac, "We expect NZDUSD to weaken during the month ahead to 0.8050. Should this level give way, a 0.7600- 0.8000 range would ensue. Longer term, into early 2013, we are bullish on the currency."