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NZD/USD bouncing from 0.7900 maintaining form

FXStreet (Guatemala) - NZD/USD is trading at 0.7936, up 0.28% on the day, having posted a daily high at 0.7977 and low at 0.7901.

NZD/USD met supply after opening Asia with a bullish gap up to the 0.7965 level. The unit moved in on the 0.79 handle only to bounce from here to meet resistance at 0.7940. It has been a busy start to the week, due to market positioning in the greenback around the releases of Japans GDP numbers. This sparked off the activity overnight. However, global markets have now had the opportunity to digest the volatility and we are back on an even scale.

NZD/USD rate monitored by NZ Finance Minister

Analysts at TD Securities, in respect of New Zealand’s economy and exchange rate, explained that in an interview with Bloomberg NZ, Finance Minister Bill English said a NZD/USD exchange rate ‘in the mid to high 70s’ is sustainable for the economy. “On the currency’s drop he said “We are pretty comfortable with the kind of adjustment that we’ve seen”. Looking ahead he said “The test is going to be whether it falls further, whether that flows through to some inflation impact in New Zealand’. He described New Zealand being in “sound fiscal position” even though he was unsure whether revenues rose as fast as forecast. The focus over the next 3 years is on cutting net debt, with the Minister expecting it to peak at 27% of GDP”.

NZD/USD noteworthy levels

Spot is presently trading at 0.7936, and next resistance can be seen at 0.7961 (Daily Classic R1) and 0.7998 (Weekly Classic R1). Next support to the downside can be found at 0.7923 (Hourly 20 EMA), 0.7901 (Daily Low) and 0.7893 (Daily Classic PP).

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