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AUD/NZD rallied through its 50-DMA......>

AUSSIE-KIWI
AUSSIE-KIWI: AUD/NZD rallied through its 50-DMA yesterday, but stopped short of
taking out Jun 24 high of NZ$1.0756, a key near-term resistance. The rate added
a dozen pips in today's Asia-Pac session and last sits at NZ$1.0743, with bulls
looking for a firm push through the aforementioned Jun 24 high. Above there
would open Jun 2 high of NZ$1.0881. On the flip side, bears look for a dip
through Jul 16 low of NZ$1.061, after the rate formed a base in the NZ$1.0660-51
area. The next bearish target is provided by Jul 10 low of NZ$1.0566.
- AUD looked through Victoria's coronavirus situation, with the state adding 484
new Covid-19 cases, confirming earlier reports. Elsewhere, a recovery in
Australian preliminary retail sales was led by cafes, restaurants and takeaway
food services.
- Regional focus moves to Australian Treasurer Frydenberg's Economic and Fiscal
Update, scheduled for tomorrow. Upcoming Australian data releases include
Australian NAB Business Confidence (Thursday), as well as flash CBA PMIs &
preliminary trade figures (Friday), while across the Ditch focus turns to
Friday's NZ trade balance.

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