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Bullish Impetus Brings Resistance Into Play

NZD

Greenback weakness and commodity strength saw NZD/USD finish at the day's highs, the pair has held the gains at the start of the Asia-Pac session, last at 0.7023. The rate had dipped as low as 0.6946 near the end of the Asia-Pac session yesterday, just shy of 2021 lows at 0.6943.

  • Oil rose after the OPEC+ group agreed to only gradually repeal supply cuts; the coalition agreed to bring an additional 2m bpd to the market from May to July, including Saudi Arabia's previous 1 1m bpd cut.
  • A jump above Mar 30 high of $0.7034 would open up the 100-DMA at $0.7136. Bears look for a dip through Mar 25 low of $0.6943, towards the 200-DMA at $0.6883.
  • There is no domestic economic data on the docket today, New Zealand markets are closed for Good Friday, along with several others (details available in previous bullets), which is expected to keep newsflow light and volumes thin during the session.

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