On the Barclays TRENDS Heatmap, the NZD has consistently been one of the more bullish FX candidates. On the charts, we are impressed by NZD/USD holding above 0.8190 support and consolidating in a manner that is ultimately bullish. Meanwhile, EUR/USD is also holding above its 200-day average near 1.2825. However, the indications are not so much about a EUR recovery as it is about the stronger selling interest seen for the USD; markets like EUR/SEK, and even EUR/AUD face near term downside risk.
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Barclays Capital