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Forex: NZD/USD rebuffed by 0.8500 level

FXstreet.com (Barcelona) - The NZD/USD has been quietly notching steadfast gains in recent days, however the 0.8500 level today has proved to be too stark a barrier to overcome (0.8498 session high). In these moments the cross is still within range to threaten this level, trading at 0.8483/86, en route to a +0.29% gain Tuesday.

“The NZD/USD is retesting the bullish channel's key resistance – earlier broken support – around 0.8510. Stability below that resistance would cause the downtrend's return to center-stage. Should the pair reside above 0.8535, this could ultimately restore positivity once again.” notes the ICN.com analyst team.

Briefing the technical levels, the Mataf.net analyst team points to resistances at 0.8515 onto 0.8542, and ultimately 0.8596. Alternatively, a movement lower will enable supports at 0.8434, ahead of 0.8380, and finally 0.8353.

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