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NZD/USD retesting 0.7750 after 0.78 topside failure

FXStreet (Bali) - NZD/USD is finding it hard to keep the upward course, with some sales out of Tokyo now pushing the exchange rate towards 0.7750 after a topside failure at 0.78.

The latest economic release out of New Zealand, saw the NZD dipped a few pips south, after NZ ANZ business confidence outlook for the month of September came at 13.4% vs 24.4% prior. Meanwhile, the ANZ activity outlook for September stood at 37.0% vs 36.6% last.

"With no local data due today focus will be on the China PMI and on HK for direction, but the bears remain firmly in control" notes Jim Langlands, Founder at FXCharts.

In terms of tecnicals, Jim thinks that the NZD remains a sell on rallies: "While short term charts are oversold, the longer term indicators are pointing sharply lower so rallies remain a sell opportunity. For today, I suspect that 0.7725/0.7825 will cover it, with direction dependant on what US$ decides to do and China data."

New Zealand ANZ Business Confidence down to 13.4% in September from previous 24.4%

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New Zealand: Business confidence continues to retreat

The ANZ business confidence outlook came at 13.4% in September vs 24.4 prior, while ANZ activity outlook was 37.0% vs 36.6% last.
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