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AUD/NZD Recoils Towards 200-DMA

AUSSIE-KIWI

AUD/NZD has crept higher from the off, albeit headline flow has been relatively thin. A rally in the yuan may have lent a degree of support to the pair. In regional data, New Zealand's monthly ANZ Consumer Confidence improved to 108.7 from 100.0, a 10-month high, while Australia's quarterly NAB Business Confidence recovered to -10 from -15. The pair last changes hands +24 pips at NZ$1.0628.

  • Today's move ran out of steam just shy of the 200-DMA, intersecting at NZ$1.0634. Should the rate resume its upward trajectory and manage to break above this moving average, bulls could target the next round figure above/23.6% recovery of the slide off Aug 18 high at NZ$1.0700/03. Conversely, a retreat under Jul 10 low of NZ$1.0566 would suggest potential for a continued slide.

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