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NZD/USD - Bullish against 0.7902, Targeting 0.8100
Last week’s bearish bias proved short-lived. While NZDUSD declined past the 38.2% Fibonacci retracement of the 01/22-02/27 rally at 0.7902, the decline was halted at the intersection of the 50% Fib level at 0.7804 and the upward-sloping trend line established in September of last year. Spending a bit of time ranging between the nearest retracement levels, the pair mounted a top-side brake as USD optimism waned and risk appetite returned to the market. This places NZDUSD between the boundaries of last month’s range between 0.7902 and 0.8217. In the near term, we see the pair oscillating upwards to test the 0.8100 level.
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