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‌‌(U2)‌‌ Trend Signals Remain Bearish

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KIWI
KIWI: Much like the AUD, NZD/USD has been limited by the latest ratcheting up in
trade war tensions over the weekend, with hawkish trade comments from U.S. VP
Pence re: China, while the APEC summit failed to result in a common communique,
as trade war matters divided the room.
- NZD/USD last $0.6870, 10 pips or so softer on the day, even with NZ PPI
accelerating in Q3, and the NZ services PMI accelerating at a faster rate in
Oct.
- This comes after the NZD/USD cross benefited from the weaker USD on Friday. As
well as warmer tones from U.S. President Trump re: China, although they were
later played down by the White House, and subsequently undone over the weekend
via the aforementioned channels.
- Resistance is noted at Friday's high of $0.6884, followed by the June 27 high
at $0.6905. Meanwhile support comes in at the November 7 high of $0.6814.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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