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***The flightless bird opens in Asia at........>

KIWI
KIWI: ***The flightless bird opens in Asia at $0.7031 toward the lower side of
the $0.7009 to $0.7171 range witnessed yesterday. The kiwi dropped quite
significantly lower after NZ First announced it would join the Labour Party to
form a new government, with some support also coming for the Greens. There are
now concerns as to what it means for the Reserve Bank policy mandate, foreign
ownership and net-migration. Traders anticipate the kiwi to consolidate while we
await clarification on policy details. Locally, net-migration for September and
Credit Card Spending provide the event risks for the session ahead. Support is
located at $0.6993 (76.4% fib $0.6818 to $0.7558 rise), while hourly resistance
is noted in the mid-$0.7050's, a break to expose $0.7071 (38.2% fib on
yesterday's decline). Kiwi was last at $0.7036.

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