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Forex: NZD/USD establishing fresh highs at 0.8370

The NSD/USD has risen Friday after an upbeat overnight session saw the pair ascend off of its daily lows at 0.8325 without ever looking back. Indeed at the time of writing the cross has jumped a steady +0.41% during European trading, placing the exchange in the region of 0.8366/69, establishing fresh session highs.

Friday’s economic calendar looks extremely thin moving forward as the afternoon is devoid of an abundance of drivers for the NZD/USD. However, later today at 21:00 GMT, the NZ economy is slated to release the REINZ House Price Index (MoM) for January.

The ICN technical Analyst Team points to means of resistance at 0.8385 onto the key 0.8400 upside barrier, and finally 0.8450. Conversely, a prolonged fall below the 0.8300 handle will trigger supportive measures at 0.8275 and eventually 0.8225.

According to the ICN.com Analyst Team, “The key upside key support of the ascending channel managed to halt the bearish momentum as the NZD/USD subsequently rebounded, which might ultimately trigger new attempts higher. Meanwhile, the inear regression indicators are negative and the stochastic is moving towards the downside, forcing us to remain neutral, since we need to confirm stability of the referred to ascending support at 0.8300 levels.

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