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NZD/USD attempting resistance 0.8110

FXstreet.com (London) - NZD/USD attempting resistance 0.8110

The NSD/USD has been closing higher throughout the European session, paring its losses in NY and Asia and tests the 0.8110 resistance level.

The pair has been sighted one of the worst performers in the wake of a shift in market positioning in the dollar following yesterdays clarity with regards to the dire state of the US economy’s labour market and requirement to maintain its QE programme for ‘some’ time yet. Moreover, the pair’s recovery will be subject to the environment in Chinese markets until data starts to improve there.

To explain it’s recent advance and recovery, markets are volatile and ranges have widened across the board. The red is overshadowing any green or bullish signals on the charts, hourly and daily, and while the pair remain beneath the ascending channel which it dropped out from, the bears are sure to be salivating. Support is seen 0.8000 and 0.7985 until a 61.8% correction for 0.7920.

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