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Bulls Set Sights On $0.7000 Mark

NZD

The kiwi dollar gained Wednesday alongside other commodity-tied currencies, with NZD/USD topping out just 11 pips shy of the psychological $0.7000 level.

  • The rate trades flat at $0.6974, with bulls keeping an eye on channel top/psychological figure at $0.6995/0.7000. A clearance of those levels would expose Nov 18 high of $0.7053. Bears need a dip through Mar 22 low of $0.6864 before targeting Mar 15 low of $0.6729.
  • PM Ardern told reporters that a move to the "orange" level of the traffic light framework of Covid-19 response will happen "as soon as possible" and different regions could move at different times, as opposition leader Luxton called for scrapping the system.
  • The local economic docket is virtually empty during the remainder of this week.
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