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AUD/NZD: Sellers keep testing buyer's nerves circa 1.0950

FXStreet (Bali) - AUD/NZD has been moving in a gently downward slope since topping above the 1.13 back in early November, with support in the 1.09/0950 vicinity coming increasingly into focus, as technicals still suggest the pair remains in a broad 1.09-1.13 trading range.

For this Friday, amid the absence of risk events neither in Australia nor New Zealand, trading AUD/NZD should be a fairly low key affair, with the pair expected to remain bracketed in a fairly slim range, with strong bids picking up from 1.0950 down to 1.09 in order to protect the bottom of the range.

While a break below 1.09 would be a major setback implying a potential acceleration of losses towards 1.0880 (50% fib from the 1.0640-1.13 rally) ahead of a deeper decline to test 1.08 (76.4% fib same rally), on the upside, bulls need to regain 1.10 round number to start building up renewed confidence, with 1.1040/50 (sequence of high June/July this year) and 1.1090/1.12 (Nov 10 low) seen as next resistances.

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