The kiwi topped the G10 pile yesterday, with...>

KIWI: The kiwi topped the G10 pile yesterday, with NZD/USD rising through the

day only to stop just shy of the trendline drawn off the Jun 18 low at $0.6722.

The move occurred despite lack of a single catalyst in the way of data or

headlines. NZD enjoyed a favourable technical environment, having charted a

bullish Doji pattern and, in terms of a broader picture, having recently

confirmed a double bottom formation. Weaker than exp. ADP employment change &

ISM non-m'fing data out of the U.S. also aided the move by damaging USD.

- NZD/USD last sits at $0.6711, almost unchanged on the day & limited by the

200-DMA at $0.6712. Bulls need to take out the aforementioned $0.6722 level

before turning focus to the upper 1.0% 10-DMA envelope at $0.6738. Conversely,

bears would be pleased with a break of the $0.6700 mark, which would encourage

them to target $0.6657, representing the 38.2% fibo retracement of the YtD

range.

- No more NZ data releases/central bank speakers are on the docket this week.