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NZDUSD finally gets relief as profit taking enters the fray.

Written by Sam Coxhead on May 25th, 2012.      0 comments

5:05 PM (NZT) The NZD has again seen considerable pressure from the US dollar this week. Large scale exiting of growth assets saw capital flows out of the likes of the NZD into the US dollar. In the short term the pair has finally found some kind of base in the form of support at .7450. The relief rally over the last 24hours  or so, was likely to come at some stage after such a significant downward move. However the trend lower for the NZD remains in place for the time being. Consolidation above .7500 over a number of days would enable the NZD to arrest the downward momentum. Even current levels represent reasonably good value buying of NZ dollars with USD funds.
 
The current interbank midrate is:                                                            NZDUSD .7553  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7454 - .7676
Topics: NZD, USD
 

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