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Forex: NZD/USD succumbs below 0.84; RBNZ selling the Kiwi

FXstreet.com (Barcelona) - The New Zealand slump over 50 pips in the last minute after the RBNZ's Governor Wheeler said the central bank has been selling the Kiwi, which remains near mulit-year highs vs the US Dollar.

Wheeler also said the RBNZ is capable of further intervention, which is designed to take top off the currency. NZD/USD broke through 0.84 round level to set a new 2-week low at 0.8384.

Next evident area of support comes at 0.8360/65, as per bounces seen on April 4 and April 23. The hard fall is now likely to create a liquidity vacuum to the upside, which may offer some potential short term corrective move before sellers are able to re-group again, with 0.8425 ( 50% fib rom latest fall) ahead of 0.8440/50 congestive area next hurdles.

Forex: EUR/USD looking below 1.2750 – David Solin

Trapped inside a 7 pip range for last 5 trading hours, the EUR/USD is last at 1.3079, near the upper bound of this tiny range, ahead of key risk event for the Asia-Pacífic in the form of China trade balance, expected to be released around 02:00 GMT. Even though there has been big squeezes up and down since last Thursday when ECB cut rates to record 0.5%, the pair has been at this same price ever since.
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Forex: US Dollar Index still struggling to find direction on daily chart

The US Dollar Index finished the day flat at 82.37. However, the pair was able to overcome early weakness and at one point traded as low as 82.12. The DXY has been in an extremely choppy range since late February, with neither party able to establish substantial follow through for a sustained period of time. Economic data out of the US will be light the majority of the week which could continue to keep the index range bound
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