AUD/NZD clings to 1.1200

FXStreet (Mumbai) – The New Zealand dollar continues to underperform its Australian counterpart in the early Asian trades, now pushing AUD/NZD away from session highs at 1.1232. The cross remains supported largely due to Kiwi weakness on RBNZ’s remarks as markets ignored upbeat NZ trade balance data.

AUD/NZD drops from 1.1232

Currently, the AUD/NZD pair trades 0.12% higher at 1.1219, hovering close to session lows reached at 1.1215. The bid tone in AUD/NZD decreased as the New Zealand dollar recovered half its slide versus the greenback after the kiwi came under pressure following RBNZ’s comments, noting that the NZD still remains at an unsustainable level.

While markets completely shrugged of upbeat NZ trade balance data with trade surplus unexpectedly expanding in May.

However, broad based US dollar strength amid looming Greece concerns continues to weigh on both the Antipodean currencies, capping the upside in prices.

AUD/NZD Technical Levels

The pair has an immediate resistance at 1.1242 (June 25 High) levels, above which gains could be extended to 1.1306 (June 24 High) levels. On the flip side, support is seen at 1.1198 (June 22 Low) levels from here it to 1.1155 (June 25 Low) levels.

The New Zealand dollar continues to underperform its Australian counterpart in the early Asian trades, now pushing AUD/NZD away from session highs at 1.1232. The cross remains supported largely due to Kiwi weakness on RBNZ’s remarks as markets ignored upbeat NZ trade balance data.

(Market News Provided by FXstreet)