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NZD/USD dumps on extraordinary sales of NZD

FXStreet (Guatemala) - NZD/USD is trading at 0.7783, down -1.04% on the day, having posted a daily high at 0.7871 and low at 0.7757.

NZD/USD has dumped and made a new low on the mid point of the 0.77 handle. The pair has since pulled back losses and is trading around the 0.78 handle in a tug of war as markets digest the news and bearishness centred around the pair. Of recent also, the Prime minister of New Zealand said that the kiwi has a fair value of 65 cents, agreeing with the RBNZ that the currency is overvalued.

NZD/USD noteworthy levels

Current price is 0.7783, with resistance ahead at 0.7796 (Daily Classic S2), 0.7830 (Daily Classic S1), 0.7859, and 0.7865. Next support to the downside can be found at 0.7759 (Weekly Classic S1), 0.7757 0.7732 (Daily Classic S3), 0.7653 (Weekly Classic S2) and 0.7447 (Weekly Classic S3).

RBNZ intervened quite aggressively in August

During the month of August, net New Zealand dollars sold by the RBNZ stood at -521 million NZ Dollars, indicating a significant intervention given the releatively limited fire-power from the RBNZ.
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