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New Zealand Technical Outlook

Monday, 10 November 2008 13:52:52 GMT

Written by Jamie Saettele, Senior Currency Strategist

Kiwi is in a similar position (when compared to the AUDUSD).  The rally to .6037 is either wave a or i within a larger rally sequence. 

Wave b or ii may be complete at .5742 although risk remains that the pair drops below .5742 before a solid base is in place that will lead to a larger rally.  As long as the NZDUSD holds above the short term support line, adoption of a bullish bias is warranted. 

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