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NZD/USD: Pressure to break 0.77 building up

FXStreet (Bali) - With the Aussie giving up long-held 0.8650 support, in early Asia, the focus is on whether or not the Kiwi will hold the psychological 0.77 round number.

In the early stages of Asia, pressure for an eventual clean breakout - not like the one seen Wed without follow through - is building, which if materialized, would expose 0.7480/0.75 in coming weeks, May 2012 lows. On the upside, any intraday strength should see grateful sellers layered from 0.7750 up to 0.7770.

Sentiment wise, the cocktail produced by the inability of NZD sustaining gains after a very strong NZ jobs data Wed, coupled with the AUD cousin breaking key 0.8645/50 support, is screaming danger ahead of those caught long NZD. In the following hours, an increase in order flow is expected on Aus jobs report.

AUD/USD says goodbye long-term support-buddy - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD finally left its long term range, breaking below 0.8640 on the back of dollar strength and gold tumbling.
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