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NZD/USD pressures key 200-DMA support – Société Générale

NZD/USD is testing the lower edge of its consolidation range and the 200-day moving average near 0.5800. A failure to reclaim resistance at 0.5940 would leave the pair vulnerable to a deeper decline, with downside projections at 0.5730 and 0.5620, Société Générale's FX analysts note.

NZD/USD tests lower bound of descending channel

"NZD/USD is attempting to break below the lower boundary of the consolidation range that has contained price action since April. The pair is currently testing the 200-day moving average and is approaching the lower band of a multi-month descending channel near 0.5800."

"While a brief rebound cannot be ruled out, failure to surpass the peak achieved earlier this week at 0.5940 may signal the risk of a deeper pullback. A sustained move below 0.5800 would open the door to objectives at projections of 0.5730 and 0.5620."

New Zealand: RBNZ cuts OCR by 25 bps in Aug and turns more dovish – UOB Group

Earlier today (20 Aug), the Reserve Bank of New Zealand (RBNZ) decided to decrease the Official Cash Rate (OCR) by 25 bps from 3.25% to 3.00%, the lowest level in three years, UOB Group's economist Lee Sue Ann reports.
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China SMEI: Performance weakened in August – Standard Chartered

Headline SMEI retreated to 50 in August; the performance sub-index fell into contractionary territory. The softening was broad-based, albeit modest, across both manufacturing and services SMEs.
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