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KIWI: NZD/USD took a nosedive on the back of the NZ labour market report. A
downtick in headline unemployment was due to a decline in participation rate, as
employment change moved into negative territory on a Q/Q basis. Wage data also
provided disappointment, save average hourly earnings, adding to the generally
- NZD/USD last sits at $0.6641, 34 pips lower on the day. A clean break below
Tuesday's low of $0.6651 turns bearish focus to $0.6617, where the rate bottomed
on Friday. Below here would expose the lower 1.0% 10-DMA envelope, which kicks
in at $0.6590. Conversely, bulls need to retake the aforementioned Tuesday's low
before challenging the $0.6681-85 region, which has capped gains since Friday.