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NZD/USD plunges on RBNZ intervention threat

FXStreet (Bali) - NZD/USD is seeking liquidity to the upside after a major sell-off hit the Kiwi across the board on Thursday, with price printing its lowest since Sept 2013 at 07912 before correcting towards 0.7945/50 now.

Jim Langlands, Founder at FXCharts, notes: "The Kiwi got hit hard by the RBNZ Governors comments regarding its overvalued condition yesterday, with the decline so far settling beautifully on the target that we mentioned yesterday, at the major Fibo support (23.6% of 0.4892/0.8835 – weekly chart) support at 0.7913, which would be very strong as it is backed up by the top of the monthly cloud at 0.7900."

Going forward, Jim adds: "Once below 0.7913, – as the weekly indicators suggest that eventually it will be – there is not a lot to hold it from heading towards the June 2013 low at 0.7682. The topside looks somewhat limited, and any short squeeze towards 0.8000 would appear to be a sell opportunity, with a SL placed above the 100 HMA at 0.8070."

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