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Marginally Pressured, Ranges Narrow

NZD

NZD/USD prints at $0.6115/20, the pair is ~0.1% lower today.

  • Kiwi has been marginally pressured in recent dealing as the Hang Seng opens the week on the back foot. NZD/USD sits ~0.3% off session highs however a narrow $0.6110/25 range has persisted for the most part.
  • Technically the pair remains in an uptrend, a reminder that last week the 20-Day EMA ($0.6088) crossed the 200-Day EMA ($0.6073) signalling more potential upside. Bulls target a break of $0.6223, high from 4 Dec, this opens $0.63 handle. On the downside bears immediate focus is on the 20-Day EMA to turn the tide.
  • AUD/NZD sits in a narrow range above the $1.07 handle, the pair is ~0.1% lower today.
  • NZIER noted that NZ economists see 2023/24 GDP expanding 1.2% (BBG).
  • An empty local docket leaves wider swings in risk sentiment as the main driver in Kiwi today.
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