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Chart of the Day: NZD/USD

Blake Morrow Forex Analytix

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.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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Chart of the Day: NZD/USD

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