AUD/NZD has been happy to hold a........>

AUSSIE-KIWI: AUD/NZD has been happy to hold a tight range so far, with little to

rock the boat this morning. Light NZD outperformance has pushed the rate a

handful of pips lower and it last trades -7 pips at NZ$1.0670. Australian

Treasurer Frydenberg said that the government is not planning to increase the GS

and has a track record of reducing tax burden. Across the ditch, NZ Health

Minister Clark handed in resignation, but said he will contest the upcoming

general election.

- Bearish focus falls on NZ$1.0630, which limited losses on Jun 22. Should that

level give way, they could set their sights on Jun 15 low of NZ$1.0582.

Conversely, the key near-term resistance has been defined at NZ$1.0756, the high

of Jun 24. Bulls look to take out that level, which would expose the recent

cycle peak at NZ$1.0881, also the high of Jun 2.

- Australian trade balance provides the next point of interest in the region.