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Forex: NZD/USD above 0.84 ahead of China HSBC PMI & RBNZ

FXstreet.com (Barcelona) - NZD/USD is last back to where it closed last week at 0.8426, off double weekly low at 0.8392, following rejection from early weekly high at 0.8464, printed in early Hong-Kong trade. The pair has been flat for last 5 days, after it retraced from fresh 1.5-year high April 11 at 0.8677, ahead of key risk event today at 01:45 GMT in the form of HSBC flash PMI manufacturing China.

According to IFR analysts, the pair rejected a long term bullish channel at mentioned 1.5-year highs, “and downside follow through last week suggest a test near 0.8200 is due,” they said, with a “break of confluence of support near 0.8340/60 should accelerate the recent slide,” the analysts conclude. Tomorrow's RBNZ interest rate statement will be biggest risk event for the pair ahead after today's PMI figures.

Immediate support to the downside for NZD/USD lies at Thursday/Friday/yesterday's lows 0.8400/0.8392, followed by April 15 lows at 0.8375, and April 04 lows at 0.8362. To the upside, closest resistance shows at April 08 lows/yesterday's weekly highs 0.8462, followed by Friday's highs at 0.8491, and April 16/17 highs at 0.8512.

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