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19 Mar 2013
Forex: NZD/USD operating near session los at 0.8230
FXstreet.com (Barcelona) - The NZD/USD has edged lower Tuesday, after overnight highs of 0.8270. During European trading however, the pair found itself in a tailspin, gradually inching downwards and establishing an intraday minimum 0.8230, where the cross is presently residing. At this juncture the pair is -0.38% off its opening.
According to Mark De La Paz, an analyst at FX Instructor, “The NZD/USD has a bias for the sell-side – hourly charts also have a bearish engulfing confirming market direction though proximity to a moderate support at 0.8231, which suggests we should wait for a close below it before jumping short. The immediate target of any sell-off is the 0.8199 break, followed by 0.8181.”
De La Paz points to supports at 0.8231, ahead of 0.8199, and finally 0.8181. On the ascension, resistive measures will be implemented at 0.8249, ahead of 0.8282, and finally 0.8299.
Later this evening at 21:45 GMT, New Zealand is slated to release economic data, including the Current Account figures, which are expected to continue a negative trend in Q4.
According to Mark De La Paz, an analyst at FX Instructor, “The NZD/USD has a bias for the sell-side – hourly charts also have a bearish engulfing confirming market direction though proximity to a moderate support at 0.8231, which suggests we should wait for a close below it before jumping short. The immediate target of any sell-off is the 0.8199 break, followed by 0.8181.”
De La Paz points to supports at 0.8231, ahead of 0.8199, and finally 0.8181. On the ascension, resistive measures will be implemented at 0.8249, ahead of 0.8282, and finally 0.8299.
Later this evening at 21:45 GMT, New Zealand is slated to release economic data, including the Current Account figures, which are expected to continue a negative trend in Q4.