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‌‌(U2)‌‌ Key Resistance Cleared


BLOCK, 2Y Sale


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KIWI: NZD/USD last trades at $0.6523, a mere 4 pips higher on the day. The kiwi
started on the front foot, as AUD post-federal election strength spilled over
into NZD, but ebbed off of best levels alongside its Antipodean cousin.
- NZ services PMI decelerated to 51.8 from the revised 52.3 in April. 
- Elsewhere, NZ Bankers' Association called the RBNZ to rethink its proposal to
raise capital requirements.
- NZD/USD eased 17 pips Friday, weighed on by continuing Sino-U.S. trade
concerns. As a reminder, Friday's Asia-Pac hours saw suggestions from Chinese
state media that the country may have lost appetite for further trade
negotiations with the U.S.
- Below $0.6513-14, which hosts the Nov 2018 low & Friday's YTD low, would
expose the lower 1.0% 10-DMA envelope at $0.6499. A death cross formation would
further support the bearish case, with the 50-DMA currently at $0.6717, just a
pip above the 200-DMA. Bulls look for a breach of Friday's high of $0.6547.
- NZ highlights this week include retail sales and trade balance, due Wednesday
and Friday respectively. Tuesday's GDT auction will also provide some interest.

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