Forex: NZD/USD cannot hold 0.8300 level, eases off highs

FXstreet.com (Barcelona) - The NZD/USD has been entrenched in positive territory, attempting to rebound after an ugly start of the week yesterday. With the pair moving steadfastly towards the 0.8300 barrier Tuesday, the rally was capped at the 0.8303 (intraday high), whereby proving unstable at this region. Since then, the pair has eased back to 0.8280/83, still up +0.35% thus far during European trading.

According to the Mataf.net analyst team, an extended NZD/USD rise will meet calculated resistance at 0.8321, onto 0.8364, and finally 0.8410. Alternatively, a paring of recent gains will drive the cross towards supports at 0.8232, then 0.8186, ahead of 0.8143.

Overnight in New Zealand, Retail Sales (QoQ) came in at +0.5% in Q1, vs. projections calling for a growth of +0.8%. Moreover, Retail Sales ex Autos (QoQ) climbed only +0.6% in Q1, missing expectations of +0.7%.