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NZD/USD Breaks Monday's Lows, Eyes Post RBNZ Lows Of 0.6077

NZD
  • NZD/USD has just broken below Monday's lows of 0.6088, trading at 0.6086 and now eyes the post-RBNZ lows of 0.6077. The move looks largely due to a move higher from the USD, rather than further weakness from the NZD
  • Key levels to watch, initial support at 0.6077 (Feb 29) below here 0.6064 (Jan 23 lows) while a break of those levels opens up a retest of the yearly lows at 0.6038. To the upside, initial resistance at 0.6112 (March 4 highs) above here and break above opens a move to 0.6130/35 area (20 & 50-Day EMAs).
  • NZ Finance Minister Nicola Willis made comments earlier in parliment noting that “Lower-than-expected tax revenue is consistent with the economy being weaker than forecast in the half year update” and “Since the half-year update, GDP results indicate that New Zealand’s economic slowdown occurred earlier and more deeply than previously thought. As a result, the economy will almost certainly be in a weakened position this year than was anticipated before Christmas”.
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