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Forex: NZD/USD rebounds off session lows to 0.8331/32

The NSD/USD has started this week in a tailspin, as all attempts to regain the 0.8400 level were stonewalled, culminating in a move downwards that took the pair towards 0.8318 (session low) during European trading. In recent minutes however, the pair has rebounded slightly, recovering the mark of 0.8331/32 in these moments, down -0.39% today.

Mondays economic calendar looks scant in comparison to last week however in regards to New Zealand, there is are some notable releases later today at 21:45 GMT, including the Electronic Card Retail Sales (YoY, and MoM) in January.

The ICN technical Analyst Team points to means of support at 0.8310 onto 0.8270 figure, and finally 0.8225. Conversely, a prolonged recovery above the 0.8355 handle will trigger resistive measures at 0.8385 and eventually 0.8415.

According to the ICN.com Analyst Team, “According to the Westpac Strategy Team, “The NZD/USD uptrend to 0.8570 next is alive as long as the 0.8250 level is not breached. That being said, 0.8300 is key because a break below that would probably send it towards 0.8100.”

Forex Flash: EUR/USD downside corrective, targets 1.3270/56 - Commerzbank

The EUR/USD is under downside corrective pressure, particularly after having reacted back to the 50% retracement of the move higher seen this year (this is located at 1.3355). “We target the 1.3270/56 zone near term, which we suspect will hold the initial test. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3228 3 month support line”, wrote analyst Karen Jones.
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Forex Flash: Yen strengthens ahead of G20 meeting – BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Yen has continued to strengthen in the Asia trading session amidst less liquidity conditions given the Japanese holiday.
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