MNI China Daily Summary: Wednesday, July 31

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US MBA: REFIS -7% SA; PURCH INDEX -2% SA THRU JULY 26 WK

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Antipodeans Await Action From Team Australia

AUSSIE-KIWI

AUD/NZD trades at NZ$1.0806, marginally higher on the day, with little in the way of regional headlines to drive price action. Australian ANZ job ads jumped 7.8% M/M in Sep, accelerating gains vs. the previous month, while a surprise uptick in imports coupled with above-forecast decline in exports resulted in a narrower than exp. trade surplus in Aug.

  • Bulls need a clearance of Sep 30/22 highs of NZ$1.0850/51 and a further move through the 50-DMA at NZ$1.0862, before targeting a key resistance level at NZ$1.0936, which represents Sep 10 high. On the flip side, a drop past the 100-DMA/Oct 10 low at NZ$1.0776/71 would bring Sep 25 low of NZ$1.0718 into view.
  • The monetary policy decision from the RBA and Australian FY20/21 federal budget take focus from here.
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