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Forex: NZD/USD pares gains to test 0.8500 barrier

FXstreet.com (Barcelona) - The NZD/USD has shed its overnight gains to move back towards the 0.8500 barrier in these moments, testing this key region during European trading. Following the BoJ, the cross is still trading positively, albeit at only a +0.05% gain, despite trading as high as 0.8539 (session high) earlier today.

According to the Technical Analyst Team at Mataf.net, a further rise in the NZD/USD will usher in resistances at 0.8557, then 0.8600, and finally 0.8638. Conversely, a movement lower will enable supports at 0.8476, followed by 0.8438, and 0.8395.

“The NZD remains well supported by investment flows. This won’t change until the significant spread premium on NZ bonds is reduced. Moreover, the ripple effects of BOJ policy are only starting to be felt. We expect a weak yen to support the NZD.” notes Sean Callow, a Global FX Strategist at Westpac.

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