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

KIWI
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."
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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