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NZD continues to underperform following the....>

KIWI
KIWI: NZD continues to underperform following the cautious unchanged RBNZ and is
currently the weakest in G10 against the USD with losses of 1.05% in May and
4.48% over the quarter. Dovish remarks that allowed the OCR rate to move up and
down rather than on hold has seen the Kiwi fall to 5-month lows of $0.6904.
Strong demand is reported on approach to $0.6900 ($0.6902 - Dec12 low), a break
is likely to trigger stops, opening long-term fibo support at $0.6844 (Aug24
2015 low - Jul27 2017 high $0.6130-0.7558). AUDNZD broke above its 100-dma
(NZ1.0772) to NZ$1.0811 and will be monitored on a closing basis today.

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