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NZD/USD: Bearish setback poses renewed downside risks

FXStreet (Bali) - On the back of a failed breakout of 0.7670/0.77 last Friday, which ended with the NZD/USD printing a sizeable bullish outside day, Monday saw the initial upward impetus come to a standstill above $0.78 cents after leveraged funds/CTAs reset USD longs along the NA session, producing a daily shooting star that poses now downside risks again.

Technically, Jim Langlands, Founder at FXCharts, notes: "The topside could see a squeeze back towards the 200 HMA at 0.7770 and then on to 0.7800 (38.2% of 0.8035/0.7660). Beyond here would prove tricky in the short term but the major trend resistance is not to be seen until 0.7860. Downside, a break of the session lows at 0.7740 would see a run towards 0.7700, which should be quite strong support (50% of 0.6560/0.8838) but below which would see a retest of 0.7660. Under this, there are minor support at 0.7625 and at 0.7600, but not an awful lot to prop it up ahead of 0.7530 (100 Month MA)..."

AUD/JPY bracketed in slim range, upside resolution eyes 99.70

AUD/JPY is pressing into higher territory in early Tokyo, presently exchanging hands at the top of its hourly range at 99.12/15, with price action in need to break the current slim range between 98.80 and 99.15.
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EUR/AUD is trading at 1.4392, down -0.15% on the day, having posted a daily high at 1.4422 and low at 1.4385.
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