AUD/NZD bears running out of gas?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0735 with a high of 1.0742 and a low of 1.0631.

    NZD got a lift in early Asia with the release of the nation's CPI's, but sellers soon arrived and took the meat off the bone, persuading the bird to trade back below the 20 SMA on the hourly chart. CPI for Q/Q came in at 0.3% vs 0.2% expected, but below prior of 0.4% and year on year also came with an upside surprise of 0.4% vs 0.3% expected, matching prior.

    AUD & NZD price actions

    Infact, the bird was faring pretty well overnight, staying true to the strong bullish trend since the end of September. The Aussie, was also making a come-back after the US CPI's (1.9% vs 1.8% exp 1.8% and prev).

    The cross on the other hand was put into the hands of the bulls after the sellers ran out of offers and demand jumped up to take advantage testing the 50 SMA on the hourly stick at time of writing.

    AUD/NZD levels

    Technically, the cross is in a downtrend pressured below the 200 SMA with the pivot at 1.0796 with RSI back up to 53 indicating the bears are stepping back and the price could be due a consolidation. S1 on the other hand stands at 1.0640 on a continuation.
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