- AUD/NZD is currently trading around 1.0786 marks.
- Pair made intraday high at 1.0813 and low at 1.0777 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 1.0856 mark.
- A sustained close above 1.0808 will drag the parity higher towards key resistances at 1.0856/1.0927/1.0998/1.1072/1.1122 levels respectively.
- Alternatively, a daily close below 1.0808 will take the parity down towards key supports around 1.0736/1.0620/1.0572/1.0506 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- Australia May AIG manufacturing index decrease to 57.5 vs previous 58.3.
- New Zealand Q1 terms of trade q/q decrease to -1.9 % (forecast -1.5 %) vs previous 1.5 % (revised from 0.8%).
- Australia's S&P/ASX 200 index down 0.48 pct at 5,982.90 points in early trade.
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