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NZD/USD Edges Lower After NZ Treasury Warns Of A "Severe Slowdown"

NZD
  • NZD/USD has broken below lows from Monday of 0.6078 and now trading at 0.6073 just above initial support at 0.6069, a break there would open up a retest of the yearly lows set back in early Feb. The move lower comes on the back of the NZ Treasury warning that indicators show the economy in a "Severe Slowdown", this comes on the back of similar comments from the NZ Finance Minister and the PM. The market will now be eagerly awaiting the GDP data due on Thursday.
  • Key levels to watch: Initial support at 0.6069 (Mar 6 lows), below here we open up a retest of the yearly lows of 0.6038 (Feb 5). Initial resistance at 0.6113 (200-day EMA), a break above opens a move to the 0.6175 (Mar 14 high).
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