NZDUSD closed marginally lower on Thursday &...>

KIWI: NZDUSD closed marginally lower on Thursday & has stuck to a tight range

thus far, discounting the surprise NZ trade deficit & fall in consumer

confidence. NZDUSD last trades at 0.7060, with AUDNZD at 1.0700.

- NZDUSD continues to look heavy with bears focused on the December 20 low

(0.6952), although the Bollinger base (0.7045) remains the key concern for

bears. Layers of resistance continue to build with bulls now needing a close

above Wednesday's hourly support (0.7102) to gain breathing room.

- AUDNZD's bounce from recent 2018 & 9mth lows confirmed the significance of the

long term rising daily trend line (1.0477) off 2015 lows with the close above

the 55-DMA (1.0669) shifting focus to 1.0795-1.0894 where the key DMAs, WMAs and

the bear channel top are situated. Bears need a close below the 55-DMA to gain

breathing room and below the April 17 high (1.0601) to shift focus lower.

- Focus now turns to next week's domestic labour market report.