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NZD/USD is on fire! break of 0.85 allows 0.8560/70

The Kiwi continues on fire, after yet another upbeat economic indicator, this time retail sales in New Zealand, helping to catapult the rate to a new trend high of 0.8530, well on track to meet next upside targets.

As mentioned yesterday, the bullish case on the Kiwi had strengthened following the break-up of a pennant pattern, which was quickly followed by an upside resolution above the 0.8480 resistance area, suggestive that the upside scope could be extended.

The latest bull run off 0.8450 Thursday's intraday low to new highs at 0.8532 - so far - comes after an hourly 70pips bullish bar engulfing the last 220 hours of price action, a strong signal that bulls have come back strong. For trend-following systems, the neat break above 0.8500 is now an opportunity to target 0.8565/70 - Aug 2011 high - ahead of 0.86-

Forex: EUR/USD recovers ground but remains depressed just ahead 1.3300

It isn't about the Dollar strengthening but the Euro weakness. The euro is among the worst performers on Thursday with a low of 1.3315 against the Dollar. However, the EUR/USD managed to stabilize just above the 1.3300 and currently is recovering ground around 1.3365.
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Forex: AUD/USD capped below 1.0375

Aussie is pushing against yesterday's fresh weekly highs at 1.0374, last at 1.0367, on sympathy with Kiwi that following best retail sales figures for the 4Q is printing fresh highs above 0.85, highest since Sept 2011, at the same time gold is near 2013 lows, last at $1643, which is somewhat of a divergence.
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