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NZD/USD bulls defending the psychological 0.7700 level

FXStreet (Guatemala) - NZD/USD is trading at 0.7776, up 0.71% on the day, having posted a daily high at 0.7790 and low at 0.7710.

In New Zealand, ANZ’s Commodity Price index for Oct fell by 0.8% (world prices), although prices were up by 2.4% in NZD terms, as explained and noted by analysts at TD Securities. There is some support in the pair currently but the trend and risk is still very much with a stronger greenback. The Fed has repeated that they intend to increase rates in 2015 and this is of course pressuring the bird.

The 0.7700 level is psychological ahead of the technical mid point of the handle and based upon fundamentals with NZ’s inflation rate and with commodity prices likely to remain low there is a bearish tone in the pair. Meanwhile, there is potential for US data to disappoint according to analysts at Westpac Banking Corporation. “However, until such disappointment manifest themselves, we will remain bullish towards the USD and thus bearish NZD/USD”.

NZD/USD noteworthy levels

Current price is 0.7777, with resistance ahead at 0.7780 (Daily Classic R1), 0.7790 (Daily High), 0.7796 (Yesterday's High), 0.7799 (Hourly 100 SMA) and 0.7837 (Daily Classic R2). Next support to the downside can be found at 0.7759 (Hourly 20 EMA) and 0.7739 (Daily Classic PP).

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