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NZD/USD loses grip on 0.8200 level

FXstreet.com (Barcelona) - The NZD/USD rally continued Tuesday, having jumped above the 0.8215 level during European trading.

In these moments however, the pair is now trading at 0.8187/94, operating below session highs (0.8215), but still up +0.23% Tuesday. On the data front, earlier today in New Zealand, the RBNZ Inflation Expectations (YoY) as reported at 2.1% in Q2, compared with a figure of +2.2% previously.

According to the Mataf.net technical analyst team, per a further rise in the NZD/USD, the cross will encounter its next short-term resistances at 0.8195, followed by 0.8249, and 0.8503. Conversely, the pair is set to face calculated support at 0.8084, then 0.8027, and ultimately 0.7973.

“The NZD/USD broke the long-term ascending channel's key support, making us expect the downtrend, which dominated for the past two weeks, is not sufficient to complete overall bearishness. The pair is steady below 0.8210, or 38.2% Fibonacci correction, allowing the downtrend to extend to 0.7920 at 61.8% correction, passing by 0.8065 at 50% correction.” notes the ICN.com Technical Analyst team.

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