AUD/NZD has shed 15 pips and last.......>

AUSSIE-KIWI: AUD/NZD has shed 15 pips and last sits at NZ$1.0419, after soft

Australian Q4 construction work done, which printed at -3.1% vs. exp. of +0.5%,

weighed on the rate. This comes after soft NZ trade data put a modest bid into

the cross in the NY/Asia crossover.

- Yesterday, both sides of the pair found themselves pressured by modest

risk-off flows during Asia-Pacific hours. The rate ebbed lower initially, but

recovered around the London fix and closed 21 pips higher on the day.

- The psychological NZ$1.0400 level provides the initial layer of support. A

break below that level would allow bears to set their sights on NZ$1.0390, which

limited losses yesterday. Meanwhile, bulls keep an eye on yesterday's peak,

situated at NZ$1.0434 (briefly breached earlier in today's Asia-Pac session)

before challenging NZ$1.0459, which represents the 21-DMA.