The NZD/USD pair was fairly range bound during the session, but did in fact form a candle similar to a hammer just under the 0.8000 level. The pair is highly susceptible to risk appetite, and because of the rumor-related drama we have seen in the market, the pair doesn’t know which way to go. Further compounding the issue is the fact that at the US close, we still don’t have much more than rumors at this point. Because of this, we suspect this pair will be somewhat range bound in the short-term. We are very neutral in the pair because of the attitude of the market at the moment.