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Forex: NZD/USD at session lows below 0.8450

By FXstreet.com,  January 10, 2013, 09:40:00 PM EDT

FXstreet.com (San Francisco) - The New Zealand dollar is trading at its session lows against the U.S. dollar this Friday in Asia, underpinned by a USD relief rally after a China-fueled surge in risk sentiment overnight. NZD/USD is last quoted at 0.8422 (vs. 08453 late Thursday) from an earlier high of 0.8458, and is threatening to slide farther. Bearish targets are noted at 0.8390 (2 Jan high), then 0.8350 (14 Sep high) and 0.8315 (13 April high). Upward movements may find resistance at 0.8435 (intraday), then once above 0.8460, the 0.8475 area is the next level to overcome for a further push higher.

From Anthony Samaha, Trading Engineer at ForexSurvivor: "The momentum is clearing the divergence only to put an add for breaking that resistance targeting 8520. The supports @ 8400 and 8330 should carry the weigh to lock target, and only a close below 8330 negates the bullish aspect."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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