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Bank of America: short on NZD/USD

Bank of America Merrill Lynch runs a short position on NZD/USD from 0.7852, targeting 0.7627 and with a stop at 0.7888. Strategists are ready to increase positions on rallies.

"The impulsive break of 3-week wedge support says the larger downtrend has resumed for 0.7627 and eventually 0.7371 (Nov’11 lows)," Bank of America projects.

Chart. H4 NZD/USD

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