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NZD/USD slips below 0.69 handle, good to sell rallies

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
178 0 7
NZD/USD             reversed early spike on the back of upbeat NZ             jobs data, and has slipped below the 0.79 handle.

Data released earlier today showed New Zealand economy added 38,000 jobs in the March quarter, the largest increase in 12 years.

The Kiwi spiked to hit 0.6940, but quickly reversed upside as broadbased rebound in the greenback overshadowed stronger than expected NZ             employment change numbers.

Renewed optimism towards the US dollar             combined with falling dairy prices also weighed down on the NZD/USD             pair.

Prices fell 1.4% in the latest Global Dairy Trade (GDT) auction following a 3.8% gain previously.

NZD/USD             trades with a downside bias for the day, with immediate resistance at 0.69 and support at 0.6836 (Apr 25th lows).

Focus now shifts towards the US employment data due later today ahead of the Chinese Caixin Services PMI due for release tomorrow.

Good to sell rallies around 0.6895/0.69, SL: 0.6950, TP: 0.6840/0.68
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