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NZD/USD has unwound all of its RBNZ Sectoral...>

KIWI
KIWI: NZD/USD has unwound all of its RBNZ Sectoral CPI Model inspired gains, and
last trades 10 pips or so lower on the day, at ~$0.6770, after a broadly
stronger USD weighed on Tuesday.
- From a technical perspective failure to gain traction above the 21-DMA
($0.6803) resulted in a sharp sell-off on Tuesday and focus back on the YtD low.
Bears look for a close below 2018 lows to shift focus to the weekly bear channel
base coming in around $0.6566 today. Daily studies are well placed for a fresh
leg lower. Bulls now need a close above the July 09 high ($0.6858) to gain
breathing room.
- The NZ docket is limited over the next week or so, so focus will fall on the
broader USD trend and the global risk environment.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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