NZD also moved away from best levels on the....>

KIWI: NZD also moved away from best levels on the aforementioned USD/CNH

gyrations surrounding the Chinese GDP print, but has revisited session highs and

last trades a touch below $0.6780.

- The pair's failure at the 21-DMA ($0.6816) resulted in a sharp sell-off on

Wednesday and put focus back on the 2018 low ($0.6688). Bears look for a close

at fresh 2018 lows to shift focus to the weekly bear channel base coming in

around $0.6569 today. Daily studies are well placed for a fresh leg lower. Bulls

now need a close above the low from July 10 ($0.6804) to gain breathing room.

- Immediate focus is on Tuesday's NZ CPI release. At it's latest MonPol decision

the RBNZ noted that "CPI inflation is likely to increase in the near term due to

higher fuel prices. Beyond that, inflation is expected to gradually rise to our

2 percent annual target, resulting from capacity pressures."