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AUD/NZD better bid above 10-DMA ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Australian dollar manages to keep an upper edge over its OZ counterpart in a holiday-quiet European trading session, keeping AUD/NZD on the bids near 1.1250 levels.

    AUD/NZD trades above daily pivot at 1.1236

    Currently, the AUD/NZD pair trades 0.12% at 1.1240, easing-off session highs printed at 1.1253 in late-Asian trades. The cross in the AUD/NZD extends its side-trend in the European hours, and keeps swaying back and forth in a 20-pips slim range amid a better sentiment towards higher-yielding currencies such as the Antipodes. However, the Australian dollar outperforms its Antipodean partner as the robust recovery in the gold prices combined with divergent monetary policy outlooks between both the OZ economies, continue to favour the Aussie.

    Attention now shifts towards a host of US economic data due later in the NY session ahead of a light economic calendar from both the economies. While the US NFP report due for release on Friday will have a major bearing on the cross.

    AUD/NZD Levels to watch

    The pair finds the immediate resistance at 1.1265/68 (Mar 25 High/ daily R2) above which gains could be extended to the 1.1300 (round number). On the flip side, the immediate support located at 1.1223 (10-DMA/ daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 1.1200/1.1192 (psychological levels/ 20-DMA).
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