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Long

Long NZD/USD breakout above 0.7230

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
273 0 11
RBNZ rate cut by 25 basis points to 2.2 percent is largely priced in by the markets.

Broad-based USD sell-off supporting NZD/USD             higher ahead of the RBNZ meeting tomorrow.

The pair is extending upside after bounce off from 50-DMA at 0.7090 on Aug 8th, broke above 20-DMA and 61.8% Fib at 0.7181.

Momentum studies are bullish , Stochs and RSI are biased higher.

Pair finds major trendline resistance at 0.7230, upside on the day capped below that level.

Break above could see further gains upto 0.7244, 0.7281 and then 0.73 levels.

Bullish invalidation only on break below 50-DMA currently at 0.7106, violation there could see test of 0.6956.

Good to go long on breakout above 0.7230, Sl: 0.7180, TP: 0.7280/ 0.73/ 0.7325
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