AUD/NZD: Downside pressure set to intensify
- Unconfirmed reports this morning that the Australian government is lowering it’s presumed iron ore price to $60/tonne;
- Little that the RBNZ can do about the overvalued NZD.
The AUD has been under pressure in early interbank trade and with commodity prices in general unlikely to make any sudden recovery, this trend in the Aussie won’t change too soon. AUD/NZD has put in a strong technical top and selling rallies back towards 1.0920 certainly makes sense on plenty of levels.