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Forex: NZD/USD recovers slightly after brush with support

Just when it seemed the NZD/USD had regained some stability during overnight trading, the pair once again turned negative, falling 20 pips in recent moments to hit a session low of 0.8411 during European trading. After falling below this supportive mark however, the cross rebounded slightly to the 0.8421/28 region to operate presently down -0.31% Wednesday.

According to the Technical Analyst Team at ICN.com, the cross will be fortified by supports at 0.8415, down to 0.8400 (key downside barrier), and ultimately 0.8355. On the upside or in regards to a recovery, the NZD/USD will face calculated resistance at 0.8450, then 0.8480, and finally the 0.8500 handle.

Later tonight at 21:45 GMT, the busy week in New Zealand continues with some key data, including the Employment Change (Q4) and the Unemployment Rate (Q4).

“Despite the recent plunge, we do see scope for the possibility of an upside move as the NZD/USD is stable above the 0.8355 level, though the bullish move requires confirmation with a breach of 0.8480 region.” writes the ICN.com analysts.

Forex: EUR/GBP retracing losses after UK housing

As the market approached the release of UK housing prices, the EUR/GBP weakened from 0.8670 area to as low as 0.8638 by the time of the publication. UK Halifax House Prices dropped -0.2% in January, as expected. 3M/YoY data rose from -0.3% to 1.3%, not as high as the 1.5% expected.
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Forex Flash: EUR/USD correction lower not over yet - Commerzbank

The EUR/USD bounce after falling through its accelerated uptrend “was not enough to convince us that the market is ready to resume its up move”, said analyst Karen Jones, noting the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart, which makes Commerzbank analysts wary of a deeper corrective phase: “We would allow for a slide towards the 1.3270/56 zone (16th Jan low and the 61.8% retracement)”, said Jones, adding that “we suspect that this was a false break above 1.3485/1.3564”. There is support at 1.3202 and key support at 1.3125 6 month uptrend.
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