NZDUSD (0.7380): The New Zealand dollar fell after the release of the quarterly CPI data. However, the declines were limited as the Kiwi dollar was seen recovering on the back of a weaker USD. At the moment, NZDUSD is seen trading near the resistance level of 0.7354 level. We expect a potential reversal taking place at this level. Failure to post a higher high from the previous peak could potentially set the stage for NZDUSD to trade flat with the downside risks building up.
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