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AUD/NZD Fails To Hold Above Monthly Highs, Trades Back To 1.0732

NZD
  • AUD/NZD pushed higher in the first half of the session briefly trading above monthly highs of 1.0747 only to quickly reverse to make new daily lows of 1.0734. There seems to be little in the way of a catalyst for the reversal.
  • Key technical levels to watch initial resistance at 1.0747 (Mar 8 high), above here 1.0773 (200-day EMA). While to the downside a break back below 1.0704 (50-day EMA), could signal further weakness opening up 1.0692 (20-day EMA) and below to 1.0640 (Feb 14 low)
  • Earlier is was reported that China will look to end the 218% Australian Wine Tariff that had been imposed since 2021
  • Looking ahead: NZ has Reinz House Sales out tomorrow, while AU is quiet until RBA next Tuesday

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