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Forex: NZD/USD trading positively at 0.8318/25

The NZD/USD has rallied during American trading, establishing a session high of 0.8352 Wednesday. However, the pair has pulled back in recent minutes towards the 0.8318/25 region, still up +0.10%.

Earlier in the United States, the ADP Employment Change continued this trend, reporting a figure of 198K in February, against expectations of only 170K. Moreover, Factory Orders (MoM) came in at -2.0% in the month of January, against estimates of -2.2%.

According to the BNZ Research Team, “We suspect the NZD/USD will continue to trade with a positive bias today. Dips back towards the 200-day moving average at 0.8300 should attract buyers, with another layer of support at 0.8280. Initial resistance will be encountered at 0.8350.”

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