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Forex pairs in this Article » AUD/NZD, NZD/CAD, NZD/USD (Barcelona) - NZD has been today by far strongest currency among majors, followed by a margin for CAD, and not even, as NZDCAD printed fresh 9 month highs at 0.8280, a +0.73% higher for the week. The same for NZDUSD, reportedly well bid by offshore banks, also printing fresh 9-month highs at 0.8397, while AUDNZD reached a fresh 2-month low, which also contributed to NZD strength across the board, as BNZ's currency strategist Mike Jones notes: "solid buying of NZD/AUD has also contributed to broad NZD strength," the analyst says.

Increasing risk appetite with better than expected confidence in Germany helped European and later on US share markets rise, with headlines coming out as well of a possible near term solution of the US "fiscal cliff", making SP500 touch fresh 6-week highs, ending the day +0.61% higher. All in all, fears of the RBNZ cutting rates in NZ are being erased. Now with NZDUSD above descending trend line coming from Aug highs 2011, "the convincing break above 0.8360 means the 2012 highs of 0.8475 now loom as the next target," Mike Jones says.

For the immediate term, resistance to the upside for NZDUSD shows at recent weekly and fresh 9-month highs 0.8398, followed by Feb 20 highs at 0.8423, and Feb 29 highs at 0.8471. To the downside, nearest support lies at yesterday's lows 0.8386, followed by Monday's/Thursday's highs 0.8354/49, and Friday's lows at 0.8310.
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