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NZD/USD last deals at $0.6832, off of worst....>

KIWI
KIWI: NZD/USD last deals at $0.6832, off of worst levels, but 16 pips lower on
the day. The pair was weighed on by the RBA Feb meeting minutes, which seemingly
revealed an increase in the Bank's concern about falling house prices and the
knock on effects for consumption. NZD/USD extended losses subsequently, as
broader USD strength came to the fore.
- NZD/USD stuck to a 35 pip range.
- After the rate fell below $0.6840, which limited losses yesterday, bears
target the 21-DMA, located 20 pips below that level. The next layer of support
below is provided by the 50-DMA at $0.6786. Meanwhile, bulls look for a jump
above the upper 1.0% 10-DMA envelope at $0.6860, which would bring yesterday's
high of $0.6894 into view.
- The NZ economic calendar this week is rather empty, with Q4 PPI data due
tomorrow. Any further developments in Sino-U.S. trade relations will be closely
watched.

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