Tue, Jan 31, 2023 @ 15:50 GMT
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NZD/USD Makes Higher High

The US dollar continues to soften after October’s PCE showed a deceleration. The pop above the high of 0.6290 is a confirmation that the bulls are still in control after a short-lived correction. Strong momentum may send the pair to August’s high at 0.6460 which is a major ceiling from the medium-term perspective. Its breach could force the last selling interests to cover and trigger a bullish reversal in the weeks to come. As the RSI surged into the overbought area, 0.6270 is the closest support in case of a pullback.

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