As I mentioned yesterday history will judge whether this week’s action by the FED was prudent or foolish but what cannot be denied is the effect on the US which is free fall and looking to move towards the 96 price point. This makes today’s non farm payroll release even more important as a strong number should give the USD some support. The weekly chart for the DXY shows the extent of this week’s move as well as the downside levels ahead.
And it’s the nzd/usd which has been the strongest of the majors this morning as we can see on the charts below.
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