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NZD/USD looking to retest 0.82 after strong NZ PMI

FXStreet (Bali) - NZD/USD is recovering some ground after an improved business NZ PMI for the month of August, which came at 56.6 vs 53 last, allowing the rate to trade at 0.8187, with bulls attempting to form a double bottom at 0.8160.

The trend continues to be clearly bearish, hence any rebound is expected to encounter plenty of selling interest. The steep drop, especially since Sept 5, has allowed bears to take control of the lowest timeframes, with each swing high printed intraday been respected. For bulls to regain some confidence, the first level to re-take is 0.82 but that would be only a first subtle sign, with recoveries above 0.8250/70 necessary to turn the current price action structure more constructive for the bulls.

New Zealand Business NZ PMI climbed from previous 53 to 56.6 in August

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