AUD/NZD has slipped on the back of......>

AUSSIE-KIWI: AUD/NZD has slipped on the back of the latest round of comments

from RBNZ Governor Orr. The rate last sits at NZ41.0724, 42 pips lower.

- NZD has reacted positively to Mr Orr's upbeat remark that New Zealand is "in a

sound position to both seize the opportunities and manage the challenges within

the global low interest rate environment," as well as his declaration that the

imminent deployment of unconventional MonPol tools by the RBNZ is unlikely.

- Bears look for a fall below the support zone located at NZ$1.0709-03. It is

formed by the NZ$1.0709-05 resistance area, which was in play earlier this

month, layered above the 23.6% retracement of the Aug 6-Sep 20 rally/yesterday's

low at NZ$1.0704/03. Meanwhile, bulls look for a recovery towards NZ$1.0800.

- Be alert of a double bottom formation confirmed this month on the breakout of

the neckline. The slide off the YtD high over the last few sessions represents a

typical throwback, suggesting that a bounce off the neckline at NZ$1.0706 is

imminent. However, a clean break and close under the latter level would signal

that the pattern may fail.