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The NZD/USD pair fell slightly during the Wednesday session as it retested the hammer formed on Tuesday. It looks like are trying to find some type of support at the 0.82 handle, and with all of the quantitative easing out there it would make sense of the Kiwi dollar would pick up from here. However, the move has been fairly parabolic recently and we do need to get a rest before we get more momentum to the upside.
We think that 0.82 will prove to be supportive, and therefore it is only a matter time before we go higher. We certainly wouldn't sell this currency pair, not at least until we got to the 0.78 handle - quite a ways lower. Because of this, we are buying on supportive signs in this pair as the commodity market should continue to be quite healthy.