Forex: NZD/USD trading unevenly at 0.8220/25

FXstreet.com (Barcelona) - The NZD/USD has traded unevenly Wednesday, having oscillated sporadically between a fairly narrow trading range during the European session. In recent minutes however, the cross has managed to edge higher towards 0.8220/25.

Later today at 18:00 GMT, investors will be keyed into the FOMC minutes, which is sure to impact the markets and sentiment. Moreover, New Zealand is slated to release its GDP figures in Quarter 4, which are projected to experience a tepid increase.

According to the ICN.com technical analyst team, “The NZD/USD bearish attempts are contained in levels above the resistance of the downtrend, where the support and resistance converged. The pair also resides above 0.8155 – the basis of our expectation for an uptrend.”

ICN.com analysts calculate that any fall in the NZD/USD will be fortified by supports at 0.8200, then 0.8185, and ultimately 0.8155. Conversely, the pair will face short-term resistance at 0.8225, followed by 0.8275, ahead of 0.8310.