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Forex: NZD/USD testing the 0.8400 level

FXstreet.com (Barcelona) - After bottoming out at the 0.8381 (session low) during overnight trading, the NZD/USD has pared the majority of losses as the pair attempts to recover strength following an early stumble Thursday. In recent moments the cross has regained the 0.8400 level and is currently testing this region, shackled by a -0.10% drop still during European trading.

In light of the recent recovery, the ICN.com analyst team cites the next supportive means of correction at the 0.8385, onto 0.8355 and ultimately 0.8310. On the ascension, a prolonged recovery attempt will initiate resistances at 0.8450, followed by 0.8480, and finally 0.8500 (key resistive barrier).

According to Sean Callow, a Global Markets Strategist at Westpac, “The NZD/USD outlook remains positive, despite the consolidation since 11 January. In the near term, it is vulnerable to this correction extending to around 0.8300 (a potential catalyst is tomorrow’s CPI release) though we would view such
a dip as a buying opportunity. Prior to the US debt ceiling debate mid-February we expect NZD/USD to test 0.8477, assisted by rising NZ interest rates and dairy prices.”

Later tonight at 21:45 GMT, New Zealand is slated to release its Consumer Price Index (YoY, QoQ) in the forth quarter, which will no doubt draw the attention of market participants intent on seeing the NZD hold its value.

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