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Looking To Extend Monday's Gains

AUSSIE-KIWI

AUD/NZD snapped its four-day losing streak on Monday, as the RBNZ reiterated its openness to alternative monetary policy tool, which are being actively prepared. This allowed the rate to unwind part of its corrective move off a two-year high printed on Aug 18.

  • The pair is testing yesterday's best levels, last trades +5 pips at NZ$1.0879. A rally past the round figure/38.2% retracement of the Aug 18 - Sep 3 sell-off at NZ$1.0900/03 and Sep 1 high of NZ$1.0960 would return focus to the YtD high of NZ$1.1044. Bears set their sights on Sep 3 low of NZ$1.0816. A break here would suggest that yesterday's uptick has run out of steam and the 50-DMA at NZ$1.0796 is in play.
  • Eyes are on Australia's NAB Business Confidence Survey today.

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