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NZDUSD was relatively unreactive to a modest...>

KIWI
KIWI: NZDUSD was relatively unreactive to a modest beat in the latest NZ trade
balance release, and has eased from best levels on the back of the
aforementioned risk off flows. NZDUSD last trades at 0.6920, after registering
highs of 0.6938.
- NZDUSD's recovery from YtD lows looks to be in trouble with the pair lacking
follow through above 0.6952 and capped ahead of the 21-DMA (0.6966). Bulls
continue to look for a close above the May 09 high (0.6996). Momentum studies
are back at neutral levels and well placed for a fresh leg lower. Bears
currently focus on tests of the Dec 2017 lows (0.6815).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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