Forex: NZD/USD testing the 0.8200 level

Monday morning has been a one-way street for the NZD/USD, as the pair has shown little signs of life, bottoming out below the 0.8200 barrier and initial support (0.8193 session low). However the pair has recovered in recent moments as support initiated, though is testing this level, entrenched in negative territory during European trading in these moments.

“The NZD/USD downside move extended by breaking the key support level of the ascending channel, while we also see that the linear regression indicators are extending as well – MACD is moving further to the downside below zero forcing us and accordingly we expect the downside move to extend during this week.” Warns the ICN.com Technical Analyst Team.

At the time of writing, the NZD/USD is incurring a sizable decline of -0.31%. ICN.com analysts cite the next support levels at the 0.8200 barrier, onto 0.8155, and ultimately 0.8110. Conversely, a movement into positive territory up to the 0.8225 region will initiate resistance at 0.8270 ahead of 0.8310.