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6 Mar 2013
Forex: NZD/USD trading positively at 0.8318/25
The NZD/USD has rallied during American trading, establishing a session high of 0.8352 Wednesday. However, the pair has pulled back in recent minutes towards the 0.8318/25 region, still up +0.10%.
Earlier in the United States, the ADP Employment Change continued this trend, reporting a figure of 198K in February, against expectations of only 170K. Moreover, Factory Orders (MoM) came in at -2.0% in the month of January, against estimates of -2.2%.
According to the BNZ Research Team, “We suspect the NZD/USD will continue to trade with a positive bias today. Dips back towards the 200-day moving average at 0.8300 should attract buyers, with another layer of support at 0.8280. Initial resistance will be encountered at 0.8350.”
Earlier in the United States, the ADP Employment Change continued this trend, reporting a figure of 198K in February, against expectations of only 170K. Moreover, Factory Orders (MoM) came in at -2.0% in the month of January, against estimates of -2.2%.
According to the BNZ Research Team, “We suspect the NZD/USD will continue to trade with a positive bias today. Dips back towards the 200-day moving average at 0.8300 should attract buyers, with another layer of support at 0.8280. Initial resistance will be encountered at 0.8350.”