The pair started in Sydney near $0.7800 this morning after overnight markets witnessed a $0.7627 to $0.7851 range. Aussie-dollar weakened at the start to a $0.7754 low as aussie-kiwi also encountered some selling interest. Early attention was on RBNZ Governor Wheeler who was due to give a speech on the New Zealand economy. In the speech, Wheeler suggested the NZ rates were likely to be on hold for a while, triggering a rally in the NZ dollar. Aussie-dollar tagged along with the rise and recovered to $0.7780/90 before a mild pullback was then seen following a weak HSBC China services PMI reading. Aussie-dollar resumed it rise after that as it chewed away at sell orders above that and eventually broke through $0.7800. Steady demand after that carried the pair up to a $0.7823 high before real money and option supply then capped the rise, with the pair retreating to $0.7809. It staged another move higher late in the day to a $0.7831 high and last traded at $0.7825. Resistance is now seen at $0.7882, marking the 38.2% fibo of the $0.8295 to $0.7627 fall
