The crowded short position in NZD/USD is feeling the squeeze.
The pair is up for the seventh day and has tacked on another 15 pips in Asia on an otherwise-quiet day. It's at 0.6560 now compared to yesterday's high of 0.6562. That's the level to watch and up to 0.6567, which is the 61.8% retracement of the July-Oct drop.
I think we might need some concrete and positive trade news to break it.
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