NZD/USD Bounces Back

The New Zealand dollar recovers thanks to an uptick in overall risk appetite. After the pair cleared the August high of 0.6460, sentiment favours the kiwi as it goes into a consolidation mode. A bounce off 0.6230 indicates that buyers have stepped in and a close above 0.6330 has prompted short-term sellers to cover their bets. 0.6300 has become a fresh support. The support-turned-resistance at 0.6400 is a major obstacle and its breach could help the bulls regain control and extend the rally beyond 0.6500 eventually.

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