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AUSSIE-KIWI: AUD/NZD has added 4 pips and last trades at NZ$1.0781. This occurs
after the pair climbed 31 pips yesterday as the kiwi came under pressure from a
soft local ANZ business confidence reading and remained fragile thereafter.
- We have earlier highlighted a double bottom formation completed this month,
which signals that there is scope for further gains. A modest throwback seen
upon the confirmation of the pattern was limited by the neckline, which suggests
the validity of the formation. The initial bullish target is provided by the
psychological NZ$1.0800 figure and a break above there would bring the recent
YtD high of NZ$1.0840 firmly into view. Meanwhile, a fall below the 23.6%
retracement of the Aug-Sep bull market at NZ$1.0704, which happens to be located
around the aforesaid pattern's neckline, would give bears the upper hand.
- The RBA MonPol decision headlines the Antipodean docket today. Aussie
CoreLogic House Price Index and building approvals are also due, with NZ
participants awaiting the results of the latest GDT auction.