NZD/USD fell hard on Wednesday as traders sold off commodities in general. The Kiwi really suffers when the commodities lose, and the session wasn’t any different. The Monday hammer serves as a sell point now, as a breaking of the lows from that session would be massively bearish at this point. The pair could consolidate between 0.76 and 0.80, so we are waiting to see that happen before we sell. We cannot be buyers at this point as the global economic growth outlook is so bleak at this point in time, suggesting that demand for commodities will fall in the near future.
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