[NZD/USD] was a mirror image its Aussie cousin falling to an intraday low around the 0.5550 level before support there prompted a recovery to current level of 0.5575. Given that the NZ economy is still in the doldrums we believe the current rally in the pair which started from around the 0.5000 handle is running out of steam with 0.5615 and 0.5660 likely to cap further rallies for a pullback to at least 0.5470 and 0.5440. Thus we prefer selling rallies to those levels for the anticipated correction over the next few sessions.
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