July 17, 2020 / 5:32 AM / 20 days ago

Australia, NZ dlrs struggle near key chart levels, end week little changed

SYDNEY, July 17 (Reuters) - The Australian dollar again unsuccessfully wrestled with key chart resistance of 70 U.S. cents on Friday having squeezed out a small gain this week while its New Zealand counterpart was trapped in a narrow range.

The Australian dollar was last at $0.6985, up 0.2% after failing to hold above important technical resistance of $0.70 several times since the start of this month.

The Aussie is on track to clock its fourth consecutive weekly gain, up 0.5% so far.

The New Zealand dollar was last up 0.1% at $0.6546.

A strong technical barrier for the kiwi lies at $0.6600, having failed to breach that level three times over the past week.

The kiwi is down 0.3% so far this week, nearly reversing last week’s small rise.

Market attention will be fixated at the Reserve Bank of Australia’s minutes of its July policy meeting due out on Tuesday, followed by a speech by Governor Philip Lowe on the topic “COVID 19, the Labour Market and Public-Sector Balance Sheets.”

On Thursday, the Australian government will unveil a ‘mini-budget’ where it is expected to lay out a fiscal stimulus roadmap.

New Zealand government bonds were slightly higher sending yields about 3 basis points lower at the long-end.

Australian government bond futures were barely changed, with the three-year bond contract flat at 99.695. The 10-year contract up half a tick at 99.105. (Editing by Simon Cameron-Moore)

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