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NZD/USD extends correction

NZD/USD is trying to recover towards the yesterday’s highs of $0.7860 following a dip to $0.7760.

Fix above $0.7800 opened the way for a higher correction, but we still remain bearish as long as the $0.7950 level holds (April-June resistance line, weekly Ichimoku). Daily MACD divergence and oversold market conditions create space for a retracement towards $0.7900.

For now the pair still remains well supported in the $0.7700 area (2011-2012 support line). In case of a break below $0.7680 we expect a slide to $0.7450.

Chart. H4 NZD/USD

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