AUD/NZD dips below 1-hr 50-MA on upbeat NZ data

The bid tone around NZD gathered pace, pushing the AUD/NZD cross below the 1-hr 50-MA level of 1.0459 after the December ANZ business confidence bettered estimates.

Focus on dairy auction

The latest Global Dairy Trade (GDT) auction is due on Tuesday during the European session. Dairy prices strengthened for the last four auctions and another rise could boost the NZD.

The Aussie outperformed the Kiwi during the last two trading days amid broad based dollar rally. That could change if the GDT auction surprises on the positive side.

AUD/NZD Technical Levels

The cross was last seen trading around 1.0459. A break above 1.0475 (session high) could yield a re-test of 1.05 and then 1.0545 (50-DMA). On the other hand, a breakdown of support at 1.0442 (5-DMA) would open doors for a test of support at 1.04 and 1.0375 (Dec 14 low).