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NZD/USD closes above 0.79 driven by USD weakness

FXStreet (Bali) - NZD/USD found buying interest for a third day in a row, as another round of USD selling took place on Tuesday, this time being data driven after disappointing US durable goods orders, allowing the pair to close above the 0.79 handle / 20-day EMA.

Going forward, and ahead of the FOMC today, and the RBNZ monetary policy announcement on Thursday, Asia will provide a light aperitive today, in the form of ANZ business confidence/activity outlook for October, unlikely to see any drastic price changes unless a major deviation with prior data seen.

Technically, despite the 2c+ bounce off 0.77 support in late Sept, the NZD still remains one of the poorest performers among G10 currencies, and the recovery currently underway has to do more with broad-based USD weakness than NZD's own merits. If bulls can keep up the bullish momentum, 0.80 looks like a logical next target, while on the downside, 0.78 appears to be next key support ahead of 0.77. Note, however, that technicals will have little bearing on potential price movements today, with volatility subject to the FOMC outcome.

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