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Forex: NZD/USD testing the 0.8400 level

FXstreet.com (Barcelona) - The NZD/USD took quite the tumble Tuesday morning during European trading, plummeting to the 0.8360 level (session low), before the recovery rally took place. Having pared some of its losses, the cross has now moved within range of the 0.8400 level and is testing this barrier in these moments. Despite the recovery however, the pair is still incurring a loss of -0.30% off its opening.

“Absent a full blown equity market meltdown, we think support in the 0.8250/0.8300 window will contain any near-term pull-backs in NZD/USD. Notable in this regard, our new short-term valuation model suggests current NZD/USD ‘fundamentals’ are equivalent to a short-term ‘fair-value’ range of 0.8450-0.8850.” writes the BNZ Research Team.

According to the Mataf.net technical analyst team, the NZD/USD is slated to face calculated support at 0.8385, ahead of 0.8355, and finally 0.8317. Alternatively, a further paring of losses will open up resistances at 0.8453, then 0.8491, and ultimately 0.8521.

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