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Analysts at ANZ Bank New Zealand Limited argued that the NZD looks to have found a level of support for now.

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The NZD looks to have found a level of support for now which is not overly surprising given some short-term technical indicators had reached oversold territory (as they had for many currencies against the USD). With a relatively quiet domestic and international data calendar this week, we suspect further consolidation or even mild strength is likely. However, we maintain a bearish medium-term bias and would be looking to sell rallies towards the 0.6760-80 level.