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NZD/USD: Position-related squeeze? - ANZ

The kiwi has popped back over 69 cents and is hovering there at present and with little news or speakers, and mild market moves elsewhere, it appears to be a position-related squeeze, with perhaps even month-end flows contributing, according to analysts at ANZ.

Key Quotes

“A further squeeze higher today cannot be ruled out, although we suspect topside resistance will hold as markets await some larger potential catalysts later this week.”

Support 0.6850 Resistance 0.6950” 

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