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Forex: NZD/USD returns to opening levels at 0.8281/83

FXstreet.com (Barcelona) - The NZD/USD has see-sawed back and forth going into the American session Monday, with scant trickles of economic data to trade on. Investors do not seem to be abstaining from the pair, as the cross has spanned a total of 57 pips today (0.8262 – 0.8319). Following the US data release, the pair has returned to opening levels to settle at 0.8281/83 in these moments.

In the United States, Retail Sales (MoM) grew at a rate of +0.1% in April, against expectations of -0.3%, compared with -0.4%. In addition, Retail Sales ex Autos (MoM) were reported at -0.1% in April, matching estimates calling for -0.1%. Later today at 22:45 GMT it will be New Zealand’s turn to release its Retail Sales data. Presently, analysts are calling for positive projections in Q1.

Consistent with the calculations of the Mataf.net Technical Analyst Team, the NZD/USD is slated to face short-term support at 0.8222, followed by 0.8174, and 0.8089. On the ascension, a break above 0.8351 level will trigger short-term resistance for the NZD/USD at 0.8436, onto 0.8482.

According to the ICN.com Analyst Team, “The NZD/USD has broken the uptrend's key support, and trading has settled below 0.8355 and 0.8385. Below these levels, the pair's downtrend could extend, and by further breaking 0.8280 a new bearish wave comes into effect.”

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