Cross flows helping to underpin aussie, push down kiwi

Technical Analysis

Author: Justin Low | audnzd

NZD's post-budget gains all but gone


AUD/NZD continues to make headway on the day, with the pair now shaking off the 200-day MA (blue line). Buyers now have a fresh bullish bias and is pushing the pair towards a test of the 38.2 retracement level @ 1.0936 currently.

The cross flows seen here is what is helping to keep the aussie underpinned despite the greenback posting some gains while at the same time pushing the kiwi lower on the day.

The NZD is now the weakest performing major currency on the day, and is settling near session lows at 0.6884 against the dollar.

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