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Forex: NZD/USD tests February lows

Demand for the greenback on the risk-off backdrop sent the NZD/USD lower to test the February low at 0.8298. The cross is currently trading around late January lows, of 0.8280/95, as the European morning ends and prepares to pass the torch to the US session.

At 15:00 GMT, Fed's Bernanke will give his semi-annual testimony. Given the market reaction to last FOMC meeting minutes, interpreted as less dovish than expected, investors want clearer answers to the question: When will the Fed end QE?

For now, the NZD/USD trades at 0.8290, with strong support at 0.8280/95. If the pair recovers the 0.8300 handle, next stop might be 0.8323 (yesterday's low), 0.8353 (daily high), and then 0.8416 (yesterday's high).

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