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Kiwi went up the stairs and down the elevator as the NZD/USD pair succumbed to selling pressure on Friday night as US stocks fell again, per ANZ Bank.

Key quotes

“Kiwi is vulnerable to swings in risk appetite. While this particular corrective phase may or may not come to much, risk assets can’t survive on central bank liquidity support alone and that makes them – and Kiwi – vulnerable at elevated levels.” 

“Not the worst currency in the world though; more just elevation challenges.”

“Support 0.5850 Resistance 0.6170”