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Forex: NZD/USD sideways trading at 0.8365/68

FXstreet.com (Barcelona) - The NZD/USD has engaged in sideways trading Monday during a heavily muted session. Having moved in a narrow 26-pip range (0.8352 – 0.8378), the cross is now settling in the 0.8365/68 region, recording marginal gains in these moments.

Briefing the technicals, ICN.com analysts identify corrective measures of resistance at 0.8385, then 0.8400, and finally the 0.8415 handle. Conversely, supports for the NZD/USD will initiate at 0.8310 onto 0.8275 and ultimately 0.8225.

According to the ICN.com Technical Analyst Team, “The uptrend that has themed the NZD/USDs trading so far has been a retest to an earlier broken support of a bullish channel. It could very well mark the end of bullishness, when especially the stochastic applies negative momentum upon the pair as well. Therefore, we prefer to exercise neutrality.”

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