Forex: NZD/USD trading steadfastly at 0.8370/72
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NZD/USD
FXstreet.com (Barcelona) - The NZDUSD has been in recovery mode since dipping below the 0.8300 level during the overnight session, leading up to the release of economic data in New Zealand. However, since then the pair has rallied nearly 90 pips since an intersession low, the trade presently at 0.8370/72 or +0.38%, slightly off its highs of 0.8380 Tuesday.
During the overnight session, the New Zealand Economy highlighted several promising figures, including the better than expected Trade Balance and Export data in the month of December.
According to the Westpac Strategy Team, "The multi-month outlook for the NZDUSD outlook remains positive, targeting the 0.8475 level, however extreme long positioning plus a dovish RBNZ on Thursday could provide better buying levels this week. This is contingent is as long on the key 0.8215 level continuing to hold however."
The Mataf.net Analyst Team, points to resistances facing the NZDUSD at 0.8383, onto 0.8416, and 0.8468. Conversely, a prolonged plunge below the 0.8298 handle will trigger support at 0.8246 and 0.8313.
During the overnight session, the New Zealand Economy highlighted several promising figures, including the better than expected Trade Balance and Export data in the month of December.
According to the Westpac Strategy Team, "The multi-month outlook for the NZDUSD outlook remains positive, targeting the 0.8475 level, however extreme long positioning plus a dovish RBNZ on Thursday could provide better buying levels this week. This is contingent is as long on the key 0.8215 level continuing to hold however."
The Mataf.net Analyst Team, points to resistances facing the NZDUSD at 0.8383, onto 0.8416, and 0.8468. Conversely, a prolonged plunge below the 0.8298 handle will trigger support at 0.8246 and 0.8313.
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