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NZD/USD flood gates open for the bears

FXStreet (Barcelona) - NZD/USD is trading at 0.7816, down -1.42% on the day, having posted a daily high at 0.7932 and low at 0.7815.

NZD/USD has started to penetrate the 0.7820 support having dropped out of the 0.79 handle and a cent higher as markets jumped on bird in Asia. The NZ CPI was the catalyst overnight and today the greenback has been enjoying further bids across the board. The uptrend of the pair has been well and truly abolished and this leaves the 0.7680’s exposed to the downside. We are now entering the final sessions of the week and the events that will take place next week, namely with the FOMC, are sure to be of focus and could provide a catalyst for a continuation should they come favourable for the US economy. Some profit taking might come into play before hand and offers could look for higher territory to reload.

NZD/USD noteworthy levels

Spot is presently trading at 0.7817, and next resistance can be seen at 0.7824 (Daily Classic S3), 0.7856 (Hourly 20 EMA), 0.7870 (Daily Classic S2), 0.7900 (Daily Classic S1) and 0.7905 (Weekly Classic PP). Support below can be found at 0.7815 (Daily Low), 0.7811 (Weekly Classic S1), 0.7765 (Monthly Low), 0.7765 (Annual Low) and 0.7765 (YTD Low).

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