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Forex: NZD/USD testing the 0.8600 level

FXstreet.com (Barcelona) - The NZD/USD has been trading at session lows in recent minutes during European trading, bottoming out at the 0.8600 level. However, while the pair is still trading negatively, down -0.29% in these moments despite holding above 0.8600.

The ICN.com technical analyst team identifies supports at 0.8585, ahead of 0.8535, and finally the 0.8500 barrier. On the ascension, the NZD/USD will face calculated support at 0.8635, then 0.8675, and finally 0.8700.

According to the BNZ Strategy Team, “The technical indicators suggest the NZD/USD is overbought and we may see some week end profit taking drag the NZD/USD back towards 0.8600 today. However, in the absence of any disruption to offshore risk sentiment, we expect the uptrend in the NZD/USD to continue. The risk we first identified in early February of the NZD/USD hitting 0.9000 continues to grow. There is little topside resistance ahead of 2011’s 0.8850 post-float high.”

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