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NZD/USD picked up a bid Wednesday, as..........>

KIWI
KIWI: NZD/USD picked up a bid Wednesday, as optimistic reports about two
Covid-19 vaccine trials kept risk sentiment positive. Boiling Sino-U.S. tensions
capped the pair's rally, with Chinese Vice Foreign Min summoning U.S. ambassador
to protest Washington's measures vs. Hong Kong. That said, the rate finished
nearly 40 pips better off, the day after charting a hammer candlestick.
- Local press coverage has centred around shadow cabinet reshuffle this morning,
which was a consequence of the change in leadership of the main opposition
party, flagged here earlier.
- With the rate trading flat at $0.6572, bulls look for a rally through Jul 9
high of $0.6601, towards the upper 3.0% Bollinger band at $0.6683. Their case is
supported by the recent golden cross formation & the aforementioned hammer
candlestick. Meanwhile, a retreat under Jul 14 low of $0.6503 would expose Jun
22/30 low of $0.6385/77.
- New Zealand reports Q2 CPI shortly. Looking further afield, BusinessNZ M'fing
PMI hits the wires on Friday. Today's GDP & activity data out of China will also
be watched.

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