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Won Rallies More than 1%


Japanese MOF sells Y4.7714tn 3-Month Bills:


Long End Leads The Morning Bid


Very Modest Bid Seen

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Bearish Cycle Extends


The Kiwi has weakened today and against the USD has once again resumed the downleg following the recent reversal from the 0.7465 February high.

The NZDUSD chart appears decidedly bearish.

  • Today's move lower has resulted in a breach of support at 0.7100, Mar 5 low confirming a resumption of the bearish cycle that has dominated since Feb 25.
  • The move lower also reinforces the bearish significance of the recent trendline break, drawn off the Mar 19, 2020 low. The break occurred on Mar 4 and this former resistance line has since capped recent gains. The break has confirmed an important reversal.
  • Attention turns to the first retracement level of the rally between Mar 16, 2020 and Feb 25 - 23.6% at 0.6994.
  • Key resistance has been defined at 0.7269, the Mar 18 high.

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