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NZD/USD retreats sharply, back below 0.7800

FXStreet (Córdoba) - The kiwi fell sharply across the board during the last hour erasing daily gains weakened after Fonterra’s global dairy trade index fell 7.3%. NZD/USD was trading at the strongest levels since the beginning of the week, near 0.7860 and dropped sharply.

From the highs the pair lost 85 pips in a few minutes. The decline found support above daily lows and currently trades at 0.7780/85, 25 pips below yesterday’s closing price.

NZD/USD fails to break resistance

The decline in dairy prices pushed the NZD/USD sharply to the downside, in a moment when US dollar was recovering ground across the board. The pair was holding above an important short term resistance located between 0.7820/30 before erasing gains.

Price continues to move sideways with a slightly bullish bias in the short term, while in a wider perspective the trend remains bearish.

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