Forex: NZD/USD holding above 0.7300

Thu, 23 Sep 2010 09:14:00 +0200

Forex: NZD/USD holding above 0.7300

FXstreet.com (Barcelona) - Plunging around 70 pips on weak GDP figures earlier this morning, the NZD/USD has been able to hold itself above the 0.7300 barrier so far. The pair hit firm support at 0.7310 and subsequently consolidated around 0.7330 for a good part of trading over Asia.

The last hour however has the NZD/USD being pressured lower once again, with the pair losing around 20 pips. Currently it quotes near session lows of 0.7311, posting a 0.18% daily loss, as the European session gets under way.

With further bearish pressure, immediate support is listed at 0.7306 and 0.7287. In the case of a recovery, resistance above is placed at 0.7324 and 0.7332.

Technical Analysis (2010-09-23 07:00 GMT)

NZD/USD 0.731/0.732 - O: 0.7262 H: 0.7267 L: 0.7256 C: 0.7264

Trend R3: 0.7369
R2: 0.7350
R1: 0.7332
S1: 0.7287
S2: 0.7306
S3: 0.7324