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NZD/USD bounces off 0.84-8430 demand

FXStreet (Bali) - The Kiwi found enough bids to recover all the losses incurred after a mix jobs report on Wednesday, with the rate settling at 0.8475 after a decline to 0.8425, lowest since June 5.

The area the NZD/USD has rebound off could be of significance to see stronger buying conviction, as it represents a key swing low demand zone - origin of the June NZ rally -, from 0.8430 down to 0.84. This is also an area likely to see recently committed sellers to take some sizeable profits off the table.

In terms of key levels lying ahead, should an upside recovery extend, 0.85 up to 0.8535 should see significant selling interest, ahead of 0.8545-60, where a supply imbalance was seen last July 29. On the downside, clearance off 0.84 allows for a broader bear trend with immediate hurdle at 0.8370-45 demand ahead of 0.83 round number.

For today in Asia, amid the vacant NZ calendar, the main mover for the NZD is likely to be the Australian employment report, with the Kiwi usually reacting in accordance with AUD moves.

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