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NZD/USD clears major resistance zone

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A surprise rate cut from the RBNZ a couple of weeks ago was enough to send the New Zealand dollar tumbling by a couple of hundred pips. However, there was no further follow-through in the selling pressure once the Kiwi reached the key 0.6600 support area. It has since bounced back sharply, helped in part by the rebounding commodity prices and a falling US dollar in response to mixed-bag data from the world’s largest economy and also dovish comments from top Federal Reserve officials, most

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