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Forex: NZD/USD holding above 0.8550

FXstreet.com (Barcelona) - NZD/USD is last at 0.8552 bids, less than 1 hour away from New Zealand Building consents month to month, and ANZ Business confidence at 01:00 GMT which will be biggest risk event for the Kiwi in the Asia-Pacific today. Chinese markets will be closed again today on holidays, and Tokio will reopen after its 3-day weekend, with Nikkei futures pointing to the downside.

According to FXWW founder Sean Lee, given “AUD/NZD seems to have run out of bearish momentum after a sharp fall and is trying to form a base above 1.2050,” he says, and AUD/USD “has run into solid technical resistance at 1.0360”, he will “sell NZD/USD at .8560 with stop-loss above .8615 looking for .8410.” In the other hand: “In the last US session, fresh demand boxes were produced at 0.8530/15, an area that qualifies as a 'level on top of level', which should offer decent support to buyers on any potential retest,” as identified in the FXstreet.com supply/demand report.

Immediate support to the downside for NZD/USD lies at Friday's highs 0.8540, followed by April 16/17 highs at 0.8511, and April 19 highs at 0.8491. Closest resistance to the upside shows at Thursday's highs at 0.8564, followed by recent 10-day highs at 0.8580, and April 10 highs at 0.8593.

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