- AUD/NZD is trading around 1.1123 marks.
- Pair made intraday high at 1.1148 and low at 1.1115 marks.
- Today RBA is going to release monetary policy meeting minutes at 0130 GMT.
- At the April 5 meeting, the RBA kept the cash rate on hold and RBA Governor Glenn Stevens said that "under present circumstances, an appreciating exchange rate could complicate the adjustment under way in the economy."
- Intraday bias remains neutral till the time pair holds key support at 1.1123 marks.
- A daily close below 1.1123 will take the parity down towards 1.1062/1.1016/ 1.0934 marks.
- On the other side, initial resistances are seen at 1.1298/1.1352/1.1590 marks.
- On the other side, later today the markets will get a better picture of how the New Zealand’s dairy sector is working, with the latest fortnightly Global Dairy Trade (GDT) auction set to take place. At the last auction dairy prices rose 2.1%, the second rise out of seven auctions this year.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
