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Forex: NZD/USD rebounds off session lows to trade at 0.8315/18

The NZD/USD has been in decline since losing its grip on the 0.8400 level yesterday amidst the risk-off movement surrounding Italy. Overnight trading has continued the downward path, however the pair has held onto the 0.8300 level (0.8306 session low), with several noteworthy events today that could shape the cross’ short-term path. At the time of writing, the pair has recently bounced off its lows, trading presently at 0.8315/18 during European trading.

Currently, the cross is operating in negative territory, down -0.11% Tuesday. The Mataf.net technical analyst team points to the supports at 0.8298, then 0.8260, and finally the 0.8200 level. Conversely, a prolonged movement above the 0.8396 handle will rekindle resistive means at the 0.8456 onto 0.8494.

According to the BNZ Research Team, “Today, all eyes will be on Fed Chairman Bernanke’s latest testimony before the Senate. Key for the NZD/USD is whether Bernanke reconfirms the Fed’s easing bias and hence undermines the USD. We continue to hold a downside bias for the NZD/USD this week, albeit with dips expected to be shallow and short-lived. Support at 0.8280 should hold. Initial resistance will be encountered on bounces towards 0.8425.”

Apart from the Fed testimony later, several indicators are slated for release in New Zealand, including import and export data, along with trade balance statistics, beginning at 21:45 GMT.

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