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NZD/USD on the back foot

FXStreet (Guatemala) - NZD/USD is trading at 0.8111, down -0.11% on the day, having posted a daily high at 0.8122 and low at 0.8106.

NZD/USD is consolidated, as per the general theme at the start of this week on a broadly firmer greenback. Analysts at RBS explained that this is a week for reflection after recent events. “Momentum and ongoing medium-term themes back in play. That's policy divergence and suggests USD strength”. Events over the weekend however should be a small positive for the bird as the New Zealand Prime Minister, Mr John Key, won a third consecutive term in the weekend parliamentary elections. Imre Speizer, analyst at Westpac Banking Corporation ABN suggested that the broad US dollar strength should keep the pair on the back foot during the week ahead. “As should the possibility of another reduction to the milk payout forecast by Fonterra. The NZ election result caused only a modest bounce this morning and is unlikely to be influential during the remainder of the week”.

NZD/USD near term levels

Current price is 0.8111, with resistance ahead at, 0.8124 (Hourly 20 EMA), 0.8139 (Daily Classic PP) and 0.8143 (Hourly 100 SMA). Next support to the downside can be found at 0.8106, 0.8097 (Daily Classic S1) and 0.8080.

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