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Kiwi performing like a champ, dairy auction eyed

FXStreet (Bali) - The New Zealand Dollar continues to exhibit a remarkable performance, being the main winner on Monday, despite a pro-USD environment, with the rate ending just above the 0.79 mark on Monday.

An upbeat retail sales print on Monday - adds to the positive run of NZ data seen recently - , paired with comments from NZ FinMin English saying the Kiwi in the 'mid-to-high 70s' is sustainable for the economy, were the main drivers for the currency, which now awaits the next “GlobalDairyTrade” (GDT) auction platform on Tuesday, scheduled to begin at 1200GMT, with the time of the result tentative, usually taking around 2-3 hours, so traders should expect an outcome by 14-15GMT.

Jim Langlands, Founder at FXCharts, notes: "There is not too much due today so the Kiwi may well follow the Aud around but the shorter term charts suggest that it may be the downside that comes under some pressure. Below 0.7900 would see a run towards 0.7880 (100 HMA) and then to 0.7850 (38.2% of 0.7660/0.7974), and to 0.7800. On the topside, 0.7940 and then 0.7975 will again be the points to watch."

AUD/USD supply back on board ahead of RBA minutes

AUD/USD is trading at 0.8704, down -0.06% on the day, having posted a daily high at 0.8716 and low at 0.8703.
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