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AUDNZD – Back to 1.1000?
New Zealand Dairy Auction was a disaster today. Price dropped by their biggest amount in a year as the rate declined by -3.9%. Overall in the past half year price have fallen in 4 out of the past 5 months and that does not bode well for the kiwi economy as milk is the country’s primary export. The NZDUSD slid below the 7000 figure, but we believe the fall cab steepen substantially over the next few days as New Zeland reports Trade Balance and GDP figures.
If the data disappoints then kiwi could slide below .6900 and that is likely to push AUD/NZD above the 1.1000 level. AUD/NZD has found solid support above the 1.0850 level and now looks ready to take off above the 1.1000 figure to challenge the highs from the start of the month.