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Forex: NZD/USD stabilizes above 0.8500 level

The kiwi received a huge boost overnight after New Zealand reported some upbeat Retails sales data, effectively driving the NZD/USD to 2.5 year highs at the 0.8530 region. As of European trading Friday, the pair has eased off that price however, though it is still clinging to positive territory in the area of 0.8512/15.

According to the ICN.com Technical Analyst Team, “The NZD/USD managed to stabilize above the 0.8480 levels that was considered a strong resistance and became now a strong support level. Stability above the mentioned level might extend the upside move if the pair holds above 0.8400 levels; as for today stability above 0.8450 levels is required – the positive Linear Regression Indicators supports our expectations.”

Last night, NZ Retail Sales (QoQ) climbed a robust 2.1% in Q4, against a consensus of only +1.1%. Additionally, Retail Sales ex Autos (QoQ) yielded a growth of +1.5% in Q4, which exceeded expectations of +1.4%. There is no further economic data scheduled for release out of New Zealand Friday.

The ICN.com analysts points to means of resistance at 0.8535 onto 0.8565, and finally the pivotal 0.8585 level. Conversely, a prolonged plunge below the 0.8480 level will activate resistances at the 0.8450 handle onto 0.8415.

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