NZD/USD Technicals – Sharp Decline But Bull Trend Intact: "This is not surprising as going long on NZD was a straight forward trade in early 2014 as central bank RBNZ has stated explicitly that they'll be hiking throughout 2014 - 2015. Rate expectations have not changed, but given that market participants have had such a long period of time to load up long positions, it is likely that those who are bullish have reached their purchase limit and what we are seeing is basically profit taking activities before the next bullish wave."
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