The NZD has started the week on the............>

KIWI: The NZD has started the week on the backfoot, with the AUDNZD last trading

at 1.0767 in front of the 200-WMA at 1.0771, if that level breaks the next short

term level in focus is likely to be 1.0780, which represents hourly resistance

from Feb 14.

- From a technical perspective the lack of follow through on 2018 AUDNZD lows

combined with correcting O/S studies is less than ideal for bears who are

focused on NZ$1.0458-91 where the LT rising TL is located.

- Looking at the NZDUSD, immediate focus is set to fall on the daily bull

channel base at 0.7270. Technicals suggest that bears will have taken comfort in

the aggressive sell-off on Friday and close below the 21-DMA. Bears now need a

close below the daily bull channel base to shift focus back to $0.7130-0.7211

where 55 & 200-DMAs are situated. Bulls now look for a close above the 21-DMA to

gain breathing room and above $0.7438 2018 highs to target 2017 highs ($0.7558).