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Consolidating Below $0.59

NZD

NZD/USD prints at $0.5890/95, the pair is ~0.2% lower today.

  • Softer US Equity futures saw Kiwi pressured in early trade, however ranges have been narrow and NZD/USD has stabilised in a narrow range below $0.59.
  • The pair comfortably breached the 20-Day EMA ($0.5875), bulls now target a break of the high from 2 Nov ($0.5917) which opens the $0.60 handle and the 200-Day EMA ($0.6075). On the downside bears focus on the 20-Day EMA, and the $0.58 handle.
  • In the final election result the NZ Nationals need the support of 2 other parties to form government after losing 2 seats.
  • Looking ahead next week the docket is relatively light with Q4 Inflation Expectations the highlight. We also have October Mfg PMI and Card Spending.
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