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NZD/USD has given away 7 pips and last deals...>

KIWI
KIWI: NZD/USD has given away 7 pips and last deals at $0.6362, as the G10 FX
space remains in a risk-off mode, following yesterday's RTRS report that poured
some cold water on the recent enthusiasm surrounding Sino-U.S. trade talks.
- The pair kicked off with an uptick yesterday, as it recovered slightly from a
dip in reaction to a weak NZ labour mkt report, released just ahead of the open.
Subsequent sell-off was erased by a fresh round of purchases into the London
morning, but the aforementioned RTRS headlines applied weight post-WMR fix,
dragging the rate into the red.
- Yesterday saw NZD/USD break out of a channel, which limited price action
through Oct. A fall under the 50-DMA at $0.6344 would expose the 50% retracement
of the Oct 1 - Nov 4 rally at $0.6335, with Oct 28 & Oct 30 lows layered just
below at $0.6334 & $0.6333 respectively. Bulls look to retake the channel
support-turned-resistance at $0.0.6388 before taking aim at the $0.6400 mark.
- There are no more major NZ economic releases this week, but Friday's trade
numbers out of China may be worth watching. The RBNZ will deliver its MonPol
decision next week.

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