NZD/USD looked to test 0.82 last night, but bounced to sitat 0.8240 currently, down 0.1% for the day. After breaking technical support at 0.8260, investors arewary of pushing too hard ahead of the RBNZ this morning.The pain remains to the topside, with investors largelypositioned for further falls in NZD. Should the Bank fail todeliver on expectations of a less-hawkish tone, then wemight be in for a sharp and bloody squeeze higher.
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