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NZD/USD Marches Higher On US Rate Cut Prospects

NZD
  • NZD/USD pushed higher on Thursday, helped by stronger equity markets and Powell's Testimony causing weakness in the USD. The pair reached a high of 0.6176 and we trade around those levels as Asia gets underway on Friday. The Kiwi is up 0.73% vs the USD, while the BBDXY is down 0.44%
  • Key levels to watch: initial resistance at 0.6178 (Feb 27 high), a break above opens a move to the 0.6219 area (Feb 22 highs). Initial support at 0.6127 (Mar 7 lows), below here, 0.6069 (Mar 6 lows), and a break of those levels opens up a retest of 0.6050 (Feb 13 lows). Currently, the 20-day & 50-day EMAs are at 0.6130/0.6135.
  • There is little on the NZ calendar today so eyes will on China's NPC meeting and US Non farm payrolls later

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