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The NZD/USD pair drove back through the 0.80 handle with significant strength on Friday in order to retest the 0.8050 level. This move was significant, and did prove that the 0.80 level is indeed a major one. However, we do not like the commodity currencies at the moment as even though the Federal Reserve Chairman suggested that perhaps the Federal Reserve will buy U.S. Treasury's in the future, that the US dollar still remained relatively strong.
In fact, this looks like a perfect area to see some type of resistive candle from which to sell. We will have to watch and see if we get that could set up, as it is a little bit risky to go this direction, but we do not like going long as there is so much noise above.