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NZD/USD suffers on Wheelers comments

FXStreet (Guatemala) - NZD/USD is trading at 0.7797, up 0.67% on the day, having posted a daily high at 0.7844 and low at 0.7713.

NZD/USD is crumbling on the 0.78 handle post comments that came from the RBNZ’s Wheeler that house price inflation is moderating yet he is looking for it to slow further. Moreover, and directly related to the domestic currency, he explained that the NZ dollar is above sustainable and justified levels. At this juncture, the pair remains well supported having rallied from 0.7720 in a progressive drift up to and through 0.7840. 0.7800 is a critical level for the pair that bulls are battling to ensure. Below here, opens up the downside and further losses in the broader bearish trend on the daily chart. However, there is plenty of congestion and it may take a few attempts to break through the supporting blockades.

NZD/USD congested noteworthy levels

Current price is 0.7798, with resistance ahead at 0.7801 (Daily Classic R1), 0.7822 (Daily 20 SMA), 0.7826, 0.7839 (Weekly Classic R1) and 0.7844. Next support to the downside can be found at 0.7776 (Hourly 20 EMA), 0.7775 (Weekly High), 0.7770 (Daily Classic PP), 0.7763 (Hourly 200 SMA) and 0.7750 (Weekly Classic PP).

RBNZ Wheeler: NZD still has further to fall, level unjustified and unsustainable

RBNZ Chief Wheeler said that the Kiwi level remain still unjustified, unsustainable, adding that the exchange rate still has 'further to go', also saying that the extent of further falls may depend on USD performance.
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