Winning Streak Snapped

AUD/NZD snapped a six-day winning streak on Monday, which was a bearish inside day. Liquidity was sapped by a market holiday in New Zealand. The rate slipped into Monday's WMR fix, even as earlier S&P revised Australia's credit rating outlook higher, while ANZ job ads picked up in May.

• The rate has edged higher this morning and last operates at NZ$1.0731. The 100-DMA at NZ$1.0758, which capped gains over the last two trading days, remains the initial bullish target. A clean break here would turn focus to several daily highs from May scattered in close proximity to the 61.8% recovery of the Mar 29 - May 27 slide at NZ$1.0815. On the flip side, a retreat under yesterday's low of NZ$1.0719 would bring May 27 multi-month low of NZ$1.0601 into view.
• Australia's ANZ Roy Morgan Weekly Consumer Confidence weakened to 110.7 from 111.4 on the back of the extension of the lockdown in Melbourne. The local NAB Business Confidence will hit the wires within less than an hour, while New Zealand's docket is virtually empty today.