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ANZ/NZD Struggles at 1.0700, AU/NZ Data Up Shortly

NZD
  • AUD/NZD has trended slightly lower through the European and US sessions on Monday, although have remained in very tight ranges of 20 pips, hitting a high of 1.0700 and lows of 1.0676 and closing the day at 1.0683. The pair has been trending higher post the RBNZ call last week, but has yet been able to break back above the 1.0700 level needed to continue the trend.
  • Key technical levels to watch initial resistance at 1.0700 (Feb 16 Highs), above here 1.0740 (Feb 7 Highs). While to the downside 1.0650 (Feb 29 lows) break would open up a retest of 1.0600 (Feb 28 and pre RBNZ levels)
  • Judo Bank Australia PMI composite came in at 52.1 vs 51.8 prior, while PMI services were 53.1 vs 52.8
  • Looking ahead: AU net exports of GDP and BoP Current Account Balance, while NZ has ANZ Commodity Prices all due at 11.00am AEST,

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