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- Kiwi came under renewed selling pressure after RBNZ announced the release of its new monthly economic assessment report.
- The report cast a doubt over New Zealand’s growth prospects and raised call for a rate cut at RBNZ’s next meeting in August.
- NZD/USD completely ignores higher oil prices, retreats from 0.73 handle and is on track to test 0.72 levels.
- The pair has broken major support at 0.7260, techs support further downside.
- Support on the downside seen at 0.72, 0.7164 (20-DMA) and 0.7139 (July 5th low).
- Resistance on the flipside is seen at 0.7221 (10-DMA), 0.7260 (5-DMA) and then 0.7294 (session high).
- Focus remains on the US macro news and China GDP figures scheduled for release in the sessions ahead.
Recommendation: Good to sell rallies around 0.7220, SL: 0.7260, TP: 0.7170/ 0.7140
