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NZD/USD to enter period of consolidation?

FXStreet (Barcelona) - NZD/USD is trading at 0.7893, down -0.15% on the day, having posted a daily high at 0.7913 and low at 0.7891.

The NZD/USD has started to lose grip of the 0.79 handle having gained over a big figure post the FOMC minutes that was giving us a more dovish than perhaps anticipated outlook. Meanwhile, tailwinds are broadly holding the pair up still with the first set of intervention from the RBNZ not far behind us and the upswing of the greenback that commenced in June this year while markets are banking on a rate hike from the Fed. There were revisions in Septembers meeting with members of the FOMC signalling expectations for rates at 3.75%. as far out as 2017. At this moment, the market may enter a phase of consolidation while major recent developments on both sides of the pacific are need to be digested.

NZD/USD noteworthy levels

Current price is 0.7894, with resistance ahead at 0.7897 (Weekly Classic R1) and psychological 0.7900, 0.7920/60 ahead of 0.8060. Next support to the downside can be found at 0.7891, 0.7878 (Daily Classic R1), 0.7842 (Hourly 20 EMA), 0.7830 (Daily Classic PP) and 0.7823 (Hourly 100 SMA).

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