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NZD/USD upside limited on soft risk sentiment

FXStreet (Guatemala) - NZD/USD is trading at 0.7854, down -0.49% on the day, having posted a daily high at 0.7919 and low at 0.7843.

The risk sentiment in the markets is softer today after a series of disappointments from Europe and concerns around the conditions that are pressuring global markets. However, the greenback has been supported on yields stabilising and stocks holding up better. NZD/USD has move in tandem to the supported greenback and it may have lost prospects of regaining the 0.79 handle currently for now. We will also get the fortnightly Fonterra dairy auction later on and another large drop after the 7.3% disappointments last time could bring about some movement and put the 0.7820 support under jeopardy at least.

NZD/USD noteworthy levels

Spot is presently trading at 0.7854, and next resistance can be seen at 0.7862 (Daily Classic PP), 0.7870 (Hourly 20 EMA), 0.7871 (Hourly 100 SMA), and 0.7900. Next support to the downside can be found at 0.7849 (Hourly 200 SMA), 0.7835 (Weekly Classic PP), 0.7825 (Daily Classic S1) and 0.7815.

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