AUD/NZD has struggled for a clear.......>

AUSSIE-KIWI: AUD/NZD has struggled for a clear direction, with little to rock

the boat seen during this lacklustre Asia-Pac session. The rate last sits at

NZ$1.0613, virtually unchanged on the day.

- Worth noting that the 100-DMA has moved above the 200-DMA, with the 50-DMA

already sitting comfortably above both of them. Bulls would be pleased by a

rally above the 50-DMA at NZ$1.0695, which would clear the way to Jun 24 high of

NZ$1.0756. On the flip side, a slide through Jun 15 low of NZ$1.0582 would give

bears a green light for targeting the NZ$1.0543-37 area, which hosts the 38.2%

retracement of the Mar 18 - Jun 2 rally, 100-DMA & 200-DMA.

- AUD has been unfazed by comments from PM Morrison & Treasurer Frydenberg, who

pointed to the importance of containing Victoria's coronavirus outbreak for

national economic recovery. Frydenberg said that the details of new income

support measures will be revealed on Jul 23.

- Not much out of New Zealand today. Worth taking a look at yesterday's GDT

auction, which saw an impressive rebound in dairy prices, driven by a surge in

whole milk powder prices, which brought headline GDT index to pre-Covid levels.