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Forex: NZD/USD moves into positive territory at 0.8357/59

FXstreet.com (Barcelona) - The NZD/USD has been advancing in recent minutes off the 0.8342 level – a movement that was helped in part by mixed economic data in the United States. Having risen 15 pips, the cross has now manage to extend some manner of an advance to trade at 0.8357/59.

The NZD/USD is now attempting to rise and extend its gains, backed by its earlier steady position above the linear regression indicator 55. The steady position above 0.8275 is viewed as a positive and an impetus for pushing towards further bullishness.” notes the ICN.com analyst team.

The pair is operating at a modest +0.08% above its opening – Mataf.net analysts calculate that any further rise in the NZD/USD will be stymied by resistances at 0.8369, onto the 0.8388 handle, and finally 0.8405. Conversely, the pair will face short-term support at 0.8333, followed by 0.8316, and 0.8297.

Overnight, economic data out of New Zealand crushed expectations, as the Trade Balance (MoM) came in at $414M in February, against estimates of just $17M. Moreover, the Trade Balance (YoY) yielded a figure of $-1.08B in February, vs. $-1.48B expected. In the United States today, Durable Good Orders were reported at +5.7% in the month of February, beating expectations of +3.8%. In addition, Durable Goods Orders ex-Transportation have grown -0.5% in February, against estimates of +0.5% growth.

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