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Forex: NZD/USD plummets to session lows at 0.8338/42

FXstreet.com (Barcelona) - An overnight attempt at the upside was capped at the 0.8420 level Friday, leaving the NZD/USD in absolute free-fall as it lost its grip on the 0.8400 level. This proved to be the least of its concerns, having now been driven towards support to fresh session lows at 0.8338/42 during European trading. At this juncture the cross is now incurring a loss of -0.67% off its opening.

According to the Mataf.net technical analyst team, the NZD/USD will encounter its next short-term supports at 0.8326, followed by 0.8275, and 0.8197. Conversely, the pair is slated to face resistance at 0.8455, then 0.8533, and ultimately 0.8584.

“The NZD/USD is still attempting to confirm a bullish trend despite failing to return steadily to zones above 0.8475-0.8485. This compels us to stay neutral today in order to observe the pair's behavior around those levels, and whether or not it fails to steady above then and returns to below Linear Regression Indicators.” recommends the ICN.com Technical Analyst team.

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