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NZD/USD moving up against the odds

FXStreet (Guatemala) - NZD/USD is trading at 0.8407, up 0.42% on the day, having posted a daily high at 0.8414 and low at 0.8348.

NZD/USD has managed to pull back losses and is climbing higher onto the 0.84 handle. However, Sam Tuck, ANZ Research noted downside risks in fundamentals and explained, "Dairy prices have stabilised, but prices have flattened, implying downside risks remain. Political risks mean the election is not the fait accompli it once was. ANZ monthly inflation gauge validates markets move to reducing probabilities for RBNZ action. USD developments remain positive in line with ANZ’s ahead of consensus FOMC March lift off call."

NZD/USD hourly levels

Current price is 0.8409, with resistance ahead at 0.8414 (Daily High), 0.8418 (Daily Classic R1), 0.8422 (Weekly Classic S1), 0.8432 (Hourly 100 SMA) and 0.8436 (Yesterday's High). Next support to the downside can be found at 0.8392 (Daily Classic PP), 0.8385 (Hourly 20 EMA), 0.8374 (Daily Open), 0.8374 (Monthly Low) and 0.8374 (Weekly Low).

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