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Forex: NZD/USD pares losses to return to 0.8487/94

FXstreet.com (Barcelona) - The NZD/USD has recovered off of overnight lows that had the pair trading in the depths of 0.8457. However, across European trading, the cross has eliminated its losses to return near opening levels at 0.8487/94.

Mataf.net analysts reveal means of supportive correction at 0.8437, ahead of 0.8392, and 0.8356. Conversely, a break above 0.8518 will initiate supportive measures at 0.8554 and 0.8599.

“The NZD/USD over 15-minute basis offers an inverted Head & Shoulders, which could extend the upside move to retest areas around 0.8530. However, negative factors remain valid with stability below 0.8500 over four-hour basis. Accordingly with the technical conflict seen we prefer to stay aside for now.” warns the ICN.com analyst team.

Overnight in New Zealand, the Consumer Price Index (QoQ) came in at +0.4% in Q1, matching expectations of +0.4%. Moreover, the Consumer Price Index (YoY) grew +0.9%, in line with estimates.

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