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Forex: NZD/USD drifts higher, rate decision due out later in week

FXstreet.com (Barcelona) - The Kiwi is drifting higher during Asia trade, up 14 pips at 0.8414. The visitor arrivals figure was released earlier in the session, coming in 13% vs 8.5% previous. Market participants will be monitoring economic data out of China and Australia later in the week, as well as RBNZ rate decision on April 23rd at 21:00 GMT.

Although still in an uptrend, the technical picture has deteriorated after last week’s reversal. Price is now below the 9 and 20 day moving averages which is a negative development. Also, both of the moving averages are now turning lower which is evidence of further bearish development. Initial resistance sits above at .8470 (previous support line on weekly, now resistance), followed by 0.8570 (the highs from last week). First support sits at 0.8370 (the 9 week moving average), followed by 0.8320 (previous resistance, now support on daily chart).

Commodities Brief: Gold seeking last week's high at 1,424.00

Gold is enjoying some steady bids away from an initial 3-hour cluster of activity around 1404/1408, to currently seek recent 'corrective' highs at 1424.00. The massive paper selling from last week has seen an unprecedented physical buying, kick-started in the Indian gold market but soon spreading to other areas such as China, Dubai, Japan, the U.S.
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Forex: We expect European growth concerns to drive EUR/USD to 1.2700 by end June – BNZ

The Euro is trading in a narrow range to start the week, flat on the session at 1.3080. Recent trading has been choppy with neither bulls nor bears being able to establish a firm trend. There will be plenty of economic data released later in the week out of China, Europe, and the US which may help make the picture more clear.
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