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Forex: NZD/USD testing long term resistance below 0.85

FXstreet.com (Barcelona) - NZD/USD is last at 0.8486 bids, slightly off recent fresh 2-month highs at 0.8496. The pair is up +0.67% for the week so far, following best NZIER business confidence data since early 2012, and China CPI year on year slowing down to 2.1% when market was expecting an increase of +2.4% coming from previous +3.2%.

This softer CPI coming out of China has been somehow interpreted as a possible easing bias from PBoC near, pushing AUD and NZD higher, while local share markets trade mostly in the green. Though “direct NZD interest is modest,” analysts at IFR say, “carry-trade as theme is gaining traction,” they add.

Immediate resistance to the upside for NZD/USD shows at mentioned recent 2-month highs 0.8496, followed by Feb 1.5-year highs at 0.8533, and late Aug 2011 highs at 0.8573. To the downside, closest support lies at Dec 2012/NY session highs 0.8476, followed by Thursday's highs at 0.8438, and Monday's weekly lows at 0.8402.

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