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NZD/USD managed to reverse Wednesday's early...>

KIWI: NZD/USD managed to reverse Wednesday's early losses, to print a high of
$0.6805, last $0.6800.
- Failure to gain traction above the 21-DMA ($0.6804) resulted in a sharp
sell-off on Tuesday and focus back on the 2018 low ($0.6688) after the upside
impetus from the higher RBNZ CPI model reading faded. 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.
- Looking forwards the AUD/NZD cross may be the driving force behind NZD/USD in
the short term, with next week's NZ trade balance providing the next domestic
risk event for the NZD.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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