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AUDNZD based at NZ$1.0522 before........>

AUSSIE-KIWI
AUSSIE-KIWI: AUDNZD based at NZ$1.0522 before meeting the key support zone
through to NZ$1.0517 which holds the channel base, series of previous lows &
50-dma. Rate rallied above NZ$1.06 on initial react to the preliminary results
of the Australian federal elections which indicated a surprise win for the
incumbent Liberal/National coalition.
- AUDNZD has since retraced to hold either side of NZ$1.0585 at the European
crossover. Bulls need to recover NZ$1.06 to cement the uptrend, opening
NZ$1.0624 which represents the 50% retracement of NZ$1.0725-1.0522 & May 13
high. Further resistance is located at NZ$1.0636/43 from the May 9 high &
200-dma. Technical traders also highlight the recent bullish MA crossover
(50-dma above 100-dma). Last NZ$1.0583.    

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