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Forex: NZD/USD slips to session lows, holds above 0.84

NZD/USD has recently broken to the downside on no news yet to be reported as ForeLive noted moments ago, last trading at 0.8420, off fresh session and 3-day lows at 0.8402, down so far -0.34% for the week. Kiwi has been sold across the board, also against AUD, pushing AUD/NZD to fresh 2-day highs at 1.2280, following RBA minutes.

Gold and Oil are slightly higher for the week at this moment, while local share markets show a mixed picture, with small advances and declines across the region, Nikkei index down -0.13% while Aussie ASX up +0.18%. According to FXTimes analyst Fan Yang, NZD/USD is currently around a rising trendline in the H1 chart, noting: “If the market slides below 0.8415, it will also break the trendline, and possibly open up a bearish scenario toward 0.83-0.8305. This scenario probably needs further confirmation such as breaking below 0.84, which is where the 200-hour SMA, and a previous consolidation support level resides,” the analyst says.

Immediate support to the downside for NZD/USD lies at recent session/3-day lows 0.8402, followed by Feb 13 lows/Feb 08 highs at 0.8389/92, and Feb 11 highs at 0.8379. To the upside, closest resistance shows at Thursday's lows 0.8449, followed by recent session/weekly highs at 0.8464, and Friday's fresh 16-month highs at 0.8534.

Forex Flash: NZD/USD has potential for 0.8575; corrective turn not discarded - JPMorgan

NZD extended through a number of key levels over the past week suggesting this bullish setup is likely to persist, notes Nial O'Connor, currency strategist at JPMorgan. The comments follow last week's FXstreet.com observations in which it was noted that the break of 0.85 may allow prospects for 0.8560/70.
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