The NZD shrugged off the latest dairy..........>

KIWI: The NZD shrugged off the latest dairy auction in EU/US hours as WMP prices

were in line with what futures were estimating. 

- Interim RBNZ Gov. Spencer steered clear of any mon pol related comments in his

latest testimony in front of a select committee, while incoming Gov. Adrian Orr

noted that he is comfortable with the reforms planned for the central bank.

- As a result there has been little in terms of fundamental news flow to drive

the currency during the session, as traders await data due later in the week.

- NZDUSD has traded around 0.7350 for most part, while AUDNZD had a brief run >

1.0750 on the initial reaction to the Aussie wage data but now sits at 1.0710,

as the AUD has moved into negative territory.

- From a technical perspective '18 & 7mth highs lacked follow through Friday

with the pair looking offered as losses define the week. Bears continue to look

for a close < $0.7328 to confirm an easing of bullish pressure & < $0.7230 (Feb

12 low) to shift focus back to $0.7130-81 where 55 ($0.7181) & 200 ($0.7166)

DMAs are situated. Bulls now need a close > $0.7376 to gain breathing room & >

$0.7438 to target 2017 highs.