Forex: NZD/USD testing the 0.8400 level after rapid advance

The star performers of the European session Friday have come from the land down under as the antipodean crosses, and more specifically the NZD/USD, has rocketed 20-pips higher in recent moments off the 0.8370 level. At the time of writing the kiwi has reigned in some juicy profits against its American counterpart, establishing session highs in the neighborhood of the 0.8397/00 mark, up 0.67%.

After breaking calculated resistance at the 0.8385 mark, the ICN.com Technical Analyst team points to additional means of correction at the 0.8400 barrier followed by the 0.8415 and 0.8450 levels.

According to the ICN.com analysts, “The NZD/USD managed to form a positive upside candlestick yesterday benefiting from consolidating on the key support level of the ascending channel. Prolonged stability above the mentioned support level will extend the bullish move if the pair stabilized above 0.8310 levels.”