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Edges Lower In Lead-Up To RBA Decision

AUSSIE-KIWI

AUD/NZD has edged lower and last deals -12 pips at NZ$1.0626 amid light news flow. Downside focus falls on Oct 30 low of NZ$1.0595, a key near-term support. A break here would suggest that the recent downtrend is intact, signalling potential for a deeper sell-off towards Jul 10 low of NZ$1.0566, the next support level of note. Bulls look for a clean break above the 200-DMA, intersecting at NZ$1.0637. A clearance of that moving average would give them a green light for targeting round figure/23.6% recovery of the Aug 18 - Oct 30 slide at NZ$1.0700/01.

  • As flagged, the RBA are set to deliver their MonPol decision today, with markets widely expecting further easing.

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