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Forex: NZD/USD range-bound ahead of RBNZ decision later tonight

The NZD/USD has been seemingly devoid of any sweeping movements Wednesday, ahead of the looming RBNZ rate decision and monetary policy statement scheduled for later tonight. Having oscillated in a 43-pip range (0.8235-0.8278) today, the cross has now settled in negative territory at 0.8250/53 at the onset of American trading.

Earlier today in the United States, Retail Sales (MoM) reported a jump of +1.1% in February, against expectations of only +0.5%. In addition, Retail Sales ex-autos (MoM) climbed +1.0% in the month of February, against a consensus of only +0.5%.

The ICN.com Technical Analyst team calculates the next short-term supports at 0.8225, ahead of the 0.8200 barrier, and finally 0.8160. Conversely, an extension upwards will result in the testing of resistances at 0.8275, then 0.8310, and eventually 0.8355.

According to the ICN.com Analyst Team, “The NZD/USD failed to breach key resistance levels of the downside move, however at the same time we find it stable above its respective linear regression indicators, which are positive now. Before breaching the resistance level though, we cannot confirm extending the upside move, therefore we prefer to remain neutral for the rest of the day.”

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