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(U2) Solid Bounce Into the Close


Bullish Price Structure


Clears Key Support


Retracement Mode


Oil Supply Constraints Trump Lower Demand


Pullback Considered Corrective

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NZD/USD has shed a handful of pips after a sharp rally staged last Friday as commodity prices soared further while U.S. jobs data beat expectations. Concerns over the escalating stand-off between the West and Russia over the latter's ongoing invasion of Ukraine has lent support to the greenback, providing a headwind for NZD/USD.

  • The rate last changes hands -5 pips at $0.6855, with bears looking for a deeper sell-off past Feb 23 high of $0.6809 and towards Feb 28 low of $0.6656. Bulls need a clearance of Jan 13 high of $0.6891 before taking aim at the 200-DMA, which intersects at $0.6932.
  • Opposition leader Christopher Luxton delivered a "State of the Nation" speech, in which he pledged to unwind tax hikes implemented by the Labour government should Nationals take power, and proposed raising tax bracket thresholds to adjust for inflation. Note that the next general election is not due until early 2024.
  • Local data highlights this week include completed construction work (Tuesday), m'fing activity (Wednesday), card spending (Thursday) & BusinessNZ M'fing PMI (Friday).
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

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