AUD/NZD slumps to fresh monthly lows below 1.0400

The AUD/NZD pair cross remains relentlessly sold-off into NZD/USD’s solid upsurge following the release of upbeat NZ 2016 Half-yr economic and fiscal report.

AUD/NZD remains below 1.0400

Currently, the AUD/USD pair trades -0.45% lower at 1.0393, recovering slightly from monthly lows struck at 1.0381 in the last hour. The spot makes minor-recovery attempts after having faced aggressive selling pressure last hours as the NZD bulls continue to cheer upbeat assessment of the NZ economy in today's NZ half year economic and fiscal update of 2016 . NZ Half Year Economic and Fiscal Update 2016

While the cross largely ignored weaker-than expected Australian trade data, which showed the country’s deficit widening by AUD0.2bn to AUD1.5bn. The immediate focus now remains on the Chinese trade report, which is expected to be on the cards any minutes.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 1.0429 (Daily high) above which gains could be extended to the next hurdle located 1.0455 (5-DMA) and 1.0470 (10-DMA). On the flip side, the immediate support located 1.0347 (daily S2). Selling pressure is likely to intensify below the last, dragging the Aussie to 1.0300 (key support) and below that at 1.0265 (Sept 19 low).