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Rests On Fibo Support Ahead Of RBNZ Decision

AUDNZD

The 23.6% retracement of the Dec 1 - Mar 29 rally at NZ$1.0822 continues to provide firm support, with the rate struggling to close below there. Spot AUD/NZD last trades at NZ$1.0823, 12 pips lower on the day.

  • Australia's Westpac Consumer Confidence Index jumped 6.2% M/M to 118.8 from 111.8, reaching the highest level since 2010.
  • New Zealand's data included just the monthly migration figures today, with the main focus falling on the RBNZ's Monetary Policy Review, due at the top of the hour.
  • A dip through the aforementioned Fibo level & Apr 2 low of NZ$1.0810 would give bears a green light for taking aim at the 50-DMA/Mar 22 low at NZ$1.0784/82. Bulls see Apr 6 high of NZ$1.0876 as their initial target. A break here would expose Mar 29 cycle high of NZ$1.0947.

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