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14 May 2015
NZD/USD triggers stops above 0.75, NZ retail sales eyed
FXStreet (Bali) - NZD/USD has seen a bout of volatility in favour of the bull side ahead of NZ data, including Business NZ Manufacturing Index at 22.30 GMT and Retail Sales q/q at22.45GMT, hitting a new weekly high of 0.7522.
Market sources are reporting more NZD stops being triggered, with the next minor technical resistance at 7520/25 (just hit), followed by a possible target of 7570 (May 5 high). On the downside, dips towards 0.75 should see buying interest, although one should be reminded that price action in the next hour will be subject to NZ fundamentals, a time when liquidity dries up and levels don't hold that much validity.
Market sources are reporting more NZD stops being triggered, with the next minor technical resistance at 7520/25 (just hit), followed by a possible target of 7570 (May 5 high). On the downside, dips towards 0.75 should see buying interest, although one should be reminded that price action in the next hour will be subject to NZ fundamentals, a time when liquidity dries up and levels don't hold that much validity.