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Forex: NZD/USD erases gains to trade at 0.8342/46

FXstreet.com (Barcelona) - The NZD/USD witnessed a rapid decent Monday during European and American trading, falling off the 0.8370 mark en route to a bottoming out at 0.8337 earlier today. Having pared its daily gains, the cross is now back near opening prices at 0.8342/46 in these moments.

According to Global FX Strategist Sean Callow at Westpac, “The NZD momentum is positive and should take the NZD/USD slightly higher to the 0.8380 level in the near-term. Beyond that, strength will depend on how Cyprus and local drought issues are resolved.”

Mataf.net analysts calculate the next measures of resistance at 0.8370 onto 0.8393, and finally 0.8425. Should the pair continue its course and break lower, the NZD/USD is slated to meet support at 0.8315, ahead of 0.8283, and eventually 0.8260.

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