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NZD/USD traded lower on Thursday, with early...>

KIWI: NZD/USD traded lower on Thursday, with early pressure applied through the
move higher in the AUD/NZD cross, which stemmed from the stronger than expected
AU labour market report. Early USD strength applied additional weight to the
pair, as commodity-tied currencies faltered on the back of a soft industrial
metals complex.
- The cross did manage a bounce from Thursday's low ($0.6714) as U.S. President
Trump's comments weighed on the USD, and last deals at $0.6750.
- The pair's failure to gain traction above the 21-DMA ($0.6792) resulted in a
sharp sell-off Tuesday and focus back on the the YtD low ($0.6688). Daily
studies are well placed for a fresh leg lower. Bulls now need a close above the
high from July 09 ($0.6858) to gain breathing room.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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