Forex: NZD/USD trading negatively at 0.8426/28

The NSD/USD closed out the previous week on a negative note, which looked to continue Monday, following the pair’s uneven performance into European trading. In recent moments, the cross has fallen nearly 13 pips off of the 0.8443 level to trade presently at 0.8426/28, recording a loss of -0.20% on the day.

According to the ICN.com Technical Analyst Team, “The NZD/USD dropped below the 0.8480 and 0.8450 support levels last week, weakening positivity. Meanwhile, the pair stabilized above its linear regression indicators and this week’s negative opening was with a bearish opening price gap. Therefore, we might witness a new attempt to the upside by stabilizing above 0.8355 levels this week.”

After a data filled week in the antipodean economy, Monday proves to be quite scant in terms of the newswires or data releases in both New Zealand and the United States, the latter of which is observing Presidents Day.

Following the NSD/USD weakness, the ICN.com analysts point to means of support at 0.8415 onto 0.8380, and finally the pivotal 0.8355 level. Conversely, a prolonged jump above the 0.8450 level will activate resistances at the 0.8480 handle onto 0.8500 (key upside barrier).