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Two pairs that are on the move higher after initially getting sent sharply lower on the CPI miss out of New Zealand are the NZD/USD and NZD/JPY.
Both these pairs are trend following, swing trades that rely primarily on the NZD strength as the driver for the follow-through and last night the NZD was also the driver for the entry.
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Doves and Bears rule the dollar right now as the daily chart of the index has sunk to the March lows and the triple bottom has been put in. This is a pattern that has its initial support dating back to October of last year with just two ticks variance between the lows. Interestingly enough, the subsequent low has been just one tick above the previous.
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