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AUD/NZD Pushes Higher Amid Signs That NZ Recovery In Sentiment May Be Topping Out

AUSSIE-KIWI

AUD/NZD has added 18 pips and last trades at NZ$1.0757, as the Kiwi underperforms all of its G10 peers, following the release of local ANZ Consumer Confidence Survey. Headline index slipped to 104.3 from 104.5, suggesting that the post-lockdown recovery in sentiment may be running out of fuel. This comes after yesterday's final ANZ Business Confidence Survey sent an analogical message about sentiment among NZ companies.

  • Bulls set their sights on yesterday's eight-week high/76.4% retracement of the Jun 2 - Jul 10 slide at NZ$1.0801/07. A clean break here would bring Jun 2 high of NZ$1.0881. Bears look for a dip through the ascending channel floor at NZ$1.0713, which would open up the 50-DMA at NZ$1.0691 & Jul 27 low of NZ$1.0672.
  • Focus turns to Australian private sector credit data & PPI, due later today.
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