Sat, May 08, 2021 @ 16:40 GMT
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NZD/USD and NZD/JPY pressing near term support with deep retreat

New Zealand Dollar weakens notably today, in particular against Dollar and Yen. NZD/USD was apparently rejected by 0.7268 resistance, after failing to sustain above it. Focus is now back o 0.7120 minor support. Break there will suggest that recovery from 0.6942 has completed at 0.7285. The corrective pattern from 0.7463 would have started the third leg back to 0.6942 support and below. Though, strong rebound from current level will retain near term bullishness. Break of 0.7285 will bring retest of 0.7463 high.

NZD/JPY was also rejected by 79.19 resistance an retreated notably. Focus is back on 77.94 support. Break there should indicate that consolidation pattern from 79.19 has started another falling leg. Deeper fall would then be seen back to 76.64 support and below. Though, rebound from current level will keep favor on the side of upside breakout. Break of 79.19 will resume larger uptrend.

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