Chart of the Day: NZD/USD
|The NZD/USD Kiwi is facing some support as we are at the channel at .6950 following the re-nomination of the Fed Chair, Jay Powell. The risk is that the USD (which had a significant rally and hitting a new 2021 high today) could rally against the NZD strongly if this confluence is broken. The NZDUSD has been trading heavy in recent weeks but the .6936 78% Fibonacci retracement of the Sept lows to Oct highs could allow for a move back to the .6860 and possibly the .6800 key support in the week(s) ahead.
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