• NZD bears incharge after another disappointing diary auction which came in at -5.9%. This is the 8th consecutive price decline in the main GDT index. 

• Australia May trade balance was disappointing, largely driven by weaker imports across the board, which is consistent with softer domestic demand. Data continues to highlight the terms of trade and national income challenge.

• AUD/NZD however breached major resiatance at 1.2921, which could propel the pair towards 1.5794 (Oct 13' high) the next resistance. Techs point higher with the pair trading above Ichi cloud and 20, 50 DMA's in an uptrend. 

Resistance Levels:


R1: 1.15794 (Oct 13' high)


R2: 1.1630 (Sept 13' high)


Support Levels:


S1: 1.1280 (Tenkan Sen)


S2: 1.1114 (20 DMA)


S3: 1.10901 (61.8 % fibo of 1.09137 to 1.13753)