NZD continues to operate on the back foot......>

KIWI: NZD continues to operate on the back foot after posting a string of

negative sessions. NZDUSD trades 10 pips or so softer at 0.7110, while AUDNZD is

10 pips higher at ~1.0690.

- NZDUSD's sell-off from 0.7395 has found a degree of support around the daily

bull channel base off 2017 lows for now (0.7103 today). Bears now look for a

close below the January 03 & 04 low (0.7071) to confirm a move lower. Bulls need

a close above hourly support from April 23 (0.7145) to gain breathing room.

- AUDNZD's bounce from recent 2018 & 9-month lows confirmed the significance of

the long term rising daily trend line off 2015 lows (1.0477 today) with the

close above the 55-DMA (1.0670) shifting focus higher. The cross is sitting kust

shy of the 21-WMA (1.0694) with the next level of upside interest noted at the

high from March 22 (1.0762).