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Kiwi: Sentiment turns negative, paid below $0.79

FXStreet (Bali) - The New Zealand Dollar is under-performing across the board, following another disappointing Fonterra dairy action, with the rate currently being paid 0.79 support.

According to Jim Langlands, Founder at FXCharts: "Below 0.7900 (100 HMA) would break the short term rising trend support and would see a run towards 0.7880 (minor) and then to 0.7850 (38.2% of 0.7660/0.7974), and to 0.7800. If/when the longer term down trend does resume in earnest and the Kiwi does turn lower, then below 0.7800, look for a bids at 0.7780 (61.8% of 0.7660/0.7974) and eventually a run to 0.7700."

On the topside, it is worth noting a double top formation at 0.7970, a technical event confirmed by the break of 0.79, likely to allow sellers now to re-group, pressing into lower levels with more confidence, although follow through might be a bit limited, given that later in the day the FOMC Minutes will be released.

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