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NZD/USD trading positively at 0.8420/21

The NZD/USD has edged higher Wednesday after regaining the 0.8400 level yesterday and successfully holding it overnight. Thus far the pair has oscillated in a 36-pip range (0.8395 – 0.8431), unable to find a particular price driver during European trading so far. At the time of writing, the pair has settled in the region of 0.8420/21, securing an advance of +0.21% thus far.

According to the ICN.com Technical Analyst Team, “The NZD/USD moved to the upside, benefiting from stabilizing above the key support level of the ascending channel and also above the linear regression indicators again. However, we prefer to see the pair stabilizing above the 0.8355 levels to prove the validity of the upside move.”

Later tonight beginning at 21:30 GMT in New Zealand, the Business NZ PMI will be reported, followed by the Food Price Index (MoM).

The ICN.com analysts points to means of resistance at 0.8450 onto 0.8480, and finally 0.8500. Conversely, a prolonged plunge below the 0.8400 barrier will trigger supportive measures at 0.8385 and eventually 0.8355.

Switzerland Producer and Import Prices (YoY): 0.8% in Jan; 0.1% (MoM)

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