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NZD/USD Breaks 0.6100, While AUD/NZD Tests 1.0700

NZD
  • NZD/USD opened the week at 0.6105 testing the highs from Friday at 0.6112 before reversing and making a morning low of 0.6094, the pair is hovering within middle of the daily range at 0.6100, well within ranges from Friday. Key levels to watch, initial support at 0.6080 (Feb 29 & Mar 1st) below here 0.6064 (Jan 23 lows) while a break of those levels opens up a retest of the yearly lows at 0.6050. To the upside, initial resistance at 0.6112 (Feb 29 highs) above here and break above opens a move to 0.6130/35 area (20 & 50-Day EMAs).
  • AUD/NZD touched initial resistance of 1.0700, but has been unable to break back above yet, a break here could open a further move to 1.0740 (Feb 7 highs). In the Options space, US$420.5m Puts with a Strike of 1.0700 expire at the NY cut today.
  • Looking ahead: NZ ANZ Commodity Price while AU BoP Current Account Balance On Tuesday

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