AUD/NZD shed 31 pips overnight..........>

AUSSIE-KIWI: AUD/NZD shed 31 pips overnight breaching its 100-DMA, 21-DMA and

the psychological NZ$1.0500 barrier in the process. The rate last trades at

NZ$1.0497, with the Antipodeans sitting at the opposite ends of the G10 pile.

- The Aussie struggled for upside momentum amid broadly cautious mood, while the

latest NAB business confidence survey only added weight to the currency. The

headline biz. confidence index dropped to 2 from 7, with the commentary

providing ; upticks in biz. conditions index and the labour mkt sub-metric

failed to soothe the nerves. Worth highlighting that the accompanying commentary

noted that biz. conditions remained "well below average" and forward-looking

indicators sent rather grim signals. Meanwhile, the kiwi showed some strength

from off and likely extended gains by capitalising on AUD weakness.

- On the technical front, bearish focus turns to the Jun 27 high/Jul 4 low of

NZ$1.0478/74 and below here would expose NZ$1.0468, where the rate peaked on two

consecutive days of Jun 28 & Jul 1. Bulls need to retake NZ$1.0500, as well as

the 21-DMA/100-DMA at NZ$1.0509/11, before challenging NZ$1.0546/49, which

represents the descending trendline resistance/50-DMA.