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Forex: NZD/USD testing the 0.8500 level

FXstreet.com (Barcelona) - The NZD/USD has been roiled Monday, unable to pare its stark losses incurred during Asian trading. In these moments, the pair is firmly entrenched in negative territory at 0.8496/98, suffering a loss of -0.84% off its opening.

According the ICN.com technical analyst team, after crashing below the 0.8528 support, the NZD/USD will face additional corrective measures levels 0.8489 and 0.8432. Should any losses be pared, resistances lie ahead at 0.8624, then 0.8681, and finally 0.8720.

Overnight, antipodean crosses were dealt a critical blow as weak Chinese data, principally GDP (YoY), came in lower than expected (7.7% growth vs. 8.0% expected).

“Given recent price action and the surge in NZD/USD last week, which was fuelled mainly by global sentiment, means a minor correction towards 0.8480 is due near term.” warns Global FX Strategist Sean Callow at Westpac.

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The EUR/USD failed at its 55 day ma at 1.3135 but current indications maintain that the market will fail here (Elliott wave count and TD perfection set-up) and “we look for the resumption of the down move”, according to Commerzbank analysts. “We suspect loss of the 12th April low at 1.3036 should be enough to de-stabilize the chart near term. Intraday the market should then find initial support circa 1.2995/47 and the 200 day ma at 1.2913”, wrote analyst Karen Jones, pointing to key support at 1.2679/61 (61.8% Fibonacci retracement of the July- to-January rise and the November 2012 low). “Longer term we remain negative and target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, she added.
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