A stream of weak data, brewing trade wars and a growth warning from RBNZ has resulted in NZD being the weakest major over the past three months, allowing AUD to regain some ground and send AUD/NZD back to May’s high. We warned upside pressures were building on AUD/NZD back in May as it approached a key bearish trendline. Following its break higher, whilst the broken trendline failed to act as immediate support as hoped, ultimately it did mark a momentum shift from the lows. We can see on the daily chart that the 3.1% rally from the 1.0658 low firmly rejected a bed of support comprising of a 61.8% Fibonacci level, ... (full story)