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CNH: Trimming Weekly Gain

NZD

NZD/CNH has shed 148 pips so far, moving further away from May 26 weekly high of CNH4.6703, and last trades at CNH4.6330. The rate still trades higher on a weekly basis owing to the kiwi's post-RBNZ gains, which rendered the currency the best G10 performer this week, even as NZD has softened broadly today.

  • Bears need the 61.8% retracement of the Mar 24 - Apr 29 rally/May 19 low at CNH4.6052/42 to give way, before they target Apr 13 low of CNH4.5907.
  • Meanwhile, a jump above May 26 high of CNH4.6703 would expose May 6 high of CNH4.6864, followed by the Apr 29 high/23.6% retracement of the Oct 20, 2020 - Feb 25, 2021 rally at CNH4.7098/4.7104.

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