The NZD/USD pair is having trouble extending its downtrend since it reached a potential support zone! Profit taking after last week’s extended moves may have pulled the NZD/USD down from highs at 0.6375. To make matters worse, this JPow was not as pessimistic as the markets expected, and only saw another 50 basis point rate cut for the rest of the year. Finally, China is going through an extended holiday, which could limit any upside demand in the Asian session. But Uncle Sam’s upcoming ISM Manufacturing PMI could make or break the recent downtrend for NZD/USD.
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