AUD/NZD crept has been range-bound,.....>

AUSSIE-KIWI: AUD/NZD crept has been range-bound, with broader focus on the news

re: Moderna's Covid-19 vaccine trial & U.S.-China tensions. Locally, the

resurgence of new infections in Australia continues to provide a source of

worry. Australia's Westpac Consumer Confidence Index plunged to87.9 from 93.7

this month, as the coronavirus situation dented sentiment. In addition, it has

seemingly put any imminent trans-Tasman travel bubble into question, with PM

Ardern noting as much, as she cited Victoria as "a cautionary tale for New

Zealand". Ardern added that if the virus resurfaces in New Zealand, the gov't

will prefer localised restrictions to another nationwide lockdown.

- The rate approached its 50-DMA today, but failed to take out the level and

pulled back from best levels. As AUD/NZD trades flat at NZ$1.0679, a break above

that 50-DMA (NZ$1.0695) would open up Jun 30 high of NZ$1.0718, followed by Jun

24 high of NZ$1.0756. Bears look for a fall through Jul 10 low of NZ$1.0566, a

clean break here would give them a fresh impetus.