Forex: NZD/USD rebounds off session lows to 0.8331/32

The NSD/USD has started this week in a tailspin, as all attempts to regain the 0.8400 level were stonewalled, culminating in a move downwards that took the pair towards 0.8318 (session low) during European trading. In recent minutes however, the pair has rebounded slightly, recovering the mark of 0.8331/32 in these moments, down -0.39% today.

Mondays economic calendar looks scant in comparison to last week however in regards to New Zealand, there is are some notable releases later today at 21:45 GMT, including the Electronic Card Retail Sales (YoY, and MoM) in January.

The ICN technical Analyst Team points to means of support at 0.8310 onto 0.8270 figure, and finally 0.8225. Conversely, a prolonged recovery above the 0.8355 handle will trigger resistive measures at 0.8385 and eventually 0.8415.

According to the ICN.com Analyst Team, “According to the Westpac Strategy Team, “The NZD/USD uptrend to 0.8570 next is alive as long as the 0.8250 level is not breached. That being said, 0.8300 is key because a break below that would probably send it towards 0.8100.”