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NZDUSD – Indecisive retail forex trader sentiment leaves us with a mixed short-term trading bias on the New Zealand Dollar. A continued hold above pivotal support surrounding $0.6500-0.6550 suggests that the pair may yet trade higher.
It is nonetheless important to note that broader US Dollar rallies may keep a lid on any near-term NZD/USD strength. Ideally we would see a much stronger shift in crowd sentiment before turning in favor of buying into NZD strength.
See next currency section: XAUUSD - Gold Price versus US Dollar Likely to Continue Lower
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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