“We now look for at least a retest of the July peak, though Trend Intensity is in neutral at the moment,” IFR Markets analysts say, in for a long position expecting an uptrend resumption. Uptrend started in late June, that has been capped by late July around 1.3080, a selling area since early January 2012. Regarding to NZ: “Fonterra reported that whole milk powder prices rose 7.3% at the latest auction,” Westpac Bank told clients in a research note.
Immediate support to the downside for AUD/NZD shows at current session lows as July 27/31 highs around 1.2990, followed by Tuesday's lows at 1.2958 (0.5 Fibo retrace of 1.2860/1.3050 up leg), and June 07 highs at 1.2946. For the upside, closest resistance comes at Monday's highs 1.3020, followed by yesterday's highs 1.3040, and Aug 09 highs at 1.3050.