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NZD/USD testing 0.8100 barrier

FXstreet.com (Barcelona) - The NZD/USD has returned some of yesterdays steadfast gains, instead turning southward towards the 0.8100 barrier during European trading.

In these moments the pair has incurred a loss of -0.41% Friday. Technically speaking, Mataf.net analysts point to supportive means for the NZD/USD at 0.8002, ahead of 0.7922, and ultimately 0.7837. On the ascension, a break above the 0.8167 handle will initiate resistance at 0.8252 and 0.8332.

Overnight in New Zealand, the Trade Balance (MoM) was reported at $157M in April, missing expectations of $475M. In addition, Exports (April) yielded a figure of $3.95B, vs. a projection calling for $4.06B. Finally, Imports (April), came in at $3.80B, which exceeded a consensus of $3.64B.

According to the ICN.com Technical Analyst Team, “The NZD/USD rose to above 50% correction at 0.8065, reducing the momentum of negativity however this does not necessarily cancel it. As for intraday trading, the pair is attempting to thwart our negative expectations as it trades above 0.8100. Hereafter, we will assume a neutral position as it is the best option thus far.”

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