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by ForexNewsNow Team on November 30, 2010

Kiwi falls against dollar as investors avoid risks over euro fears

NEW YORK (Forex News Now) – The New Zealand dollar fell against the greenback on Tuesday, as the continuing effects of the euro zone debt crisis kept investors from taking risks.

In late Asian currency market trading at around 9:30 A.M., GMT, NZD/USD was trading at 0.7416, after opening the day at 0.7459.

The kiwi is considered a risk-sensitive currency, the type that investors are shying away from over fears that Portugal and Spain will be the next European countries to require a bailout after a package worth 85 billion euro for Ireland was approved.

According to NZD/USD analysis, the kiwi was likely to touch support around 0.7303, the low from Sep. 30, and hit resistance around the Oct. 25 high of 0.7561.

Elsewhere, the Aussie also fell against the greenback: AUD/USD traded at 0.9572, down from an opening price of 0.9631.

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