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EURNZD - Having breached channel base.........>

FOREX
FOREX: EURNZD - Having breached channel base support (See MNI email EURNZD - Oct
18) and closed below the 100-dma last week, EURNZD extends its declines and
could look set to buck the trend of eight consecutive quarters of gains,
currently -2.36%. Rate touched extended pullback lows of NZ$1.7061 on Friday,
before meeting support from the 61.8% fibo of 2018 range (NZ$1.7059). Expect
support behind ahead of the key NZ$1.70 psychological level, opening the
potential of a move towards NZ$1.6854/49 which represents the 76.4% retracement
of 2018 range & Jun25 low. EURNZD last NZ$1.7104. 

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