New Zealand Dollar Defies Expectations and Flies Higher
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Trade Implications – NZDUSD: We recently wrote in favor of a material Kiwi dollar reversal lower as both price and sentiment hit significant extremes. Yet the ‘Bird’ remains in flight and has clearly defied our expectations. The sharp build in crowd selling leaves our focus to the topside, and a break of the April peak at $0.8675 seems likely.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.