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NZD Rises Against All G10 Currencies Post RBNZ Decision

NZD
  • The NZD/USD has pushed higher post the RBNZ decision, the pair is up 0.25% to 0.6075, testing the Tuesday highs and 50-day EMA, a break above here would open up a move to 0.6100 (round number resistance), while Initial support is at 0.6040 (20-day EMA), then 0.6000 (round number support), with a break here opening the doors to tests 0.5985 (Apr 5 low).
  • AUD/NZD has edged lower and has tested Apr 3rd lows of 1.0902, the cross moved in a 45-pip range post the RBNZ decision and now hovers around the lows at 1.0907. Levels to watch 1.0900 (round number support), while below there 1.0875 (20-day EMA), and 1.0836 (Mar 25 low) area would be the next target.
  • NZD/JPY tapped 92.20 but has so far been unable to hold above the level. We now trade back at Mar 21 highs, we a prolonged hold above the area likely to signal further upside and a potential test of the YtD highs of 93.451, while a reversal could see a test of the 20 & 50-day EMA at 91.10/20 area.
  • Looking ahead, focus will turn to US CPI later today, and BusinessNZ PMI on Friday.
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