The NZD was thumped lower in line with the rest of themajors off the back of US employment reports on Friday. NZD/USD fell by 1.8% to close at 0.7770. The 0.7750 level has established itself as a decent level ofsupport, with NZD/USD unable to find any traction belowthat last week. The big figure 0.77 is likely to provestubborn, but the technically-minded will be eyeing up0.7684 as a major support level. That marks the 2013 low,which survived multiple tests through the middle part of thatyear. On the topside, we think 0.7850 should cap ralliestoday.
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