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NZD/USD approaching sellers' stronghold 0.7920/60

FXStreet (Bali) - The Kiwi ripped higher against the US Dollar in response to a disappointing FOMC minutes, the former being the top performing currency, while the latter was one of the weakest, behind the Yen.

The FOMC minutes failed to provide much evidence that the tide at the helm of the Fed is turning from a caution stance to a more rate-hike inclined view. There were no signs to be found about guidance on considerable time, and to make matters worse for the interest of US Dollar bulls, the Fed flagged concerns on the rapid US dollar appreciation.

Technically, after bouncing off solid demand at 0.77/.7750, buyers are now in need to chew through offers at 0.7920/7960 to then allow for a higher recovery towards the 0.80 round number. Topside failure, and we might be in for further .7920-78 consolidation, with a break of this latter exposing most recent lows. Watch Australia's jobs data at 00.30 GMT, as the Kiwi is likely to take an intraday bias based on AUD cross flows.

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