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Forex: NZD/USD testing the 0.8200 supportive barrier

FXstreet.com (Barcelona) - The kiwi has turned unmistakably sour Thursday, ending what was a very successful run for the NZD since yesterday. The upside was capped at 0.8251 during overnight trading, and the pair has been in decline ever since. During European trading, the cross is now firmly entrenched in negative territory, incurring a loss of -0.55% as it tests the 0.8200 barrier.

Consistent with the calculations of the Mataf.net analyst team, the NZD/USD is presently trading at support level at 0.8200, ahead of 0.8138, and finally 0.8103. Alternatively, a paring of recent losses will drive the cross towards resistances at 0.8297, then 0.8332, ahead of 0.8394.

According to the ICN.com technical analyst team, “The NZD/USD rose in response to overbought signals showing on momentum indicators. But the pair is still below 0.8280, making us keep our negative expectations with the support of Linear Regression Indicators and MACD.”

Later tonight in New Zealand, the country will release its PPI figures at 22:45 GMT. Beyond this, US economic data later this afternoon could move the pair.

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