- NZD well bid this morning; approaching 0.76 level
- The currency received a boost by the better than expected Trade Balance data overnight
- However, heavy resistance noted at the 0.7620 level, which is the December and Mid-January low
- A clear break & daily close above the level would suggest further upside and could spark some significant position covering
- NZD short positioning is not at extreme levels, but still crowded
- To the downside, intraday support now seen at 0.7670 and 0.7630
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