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AUD/NZD bid in aftermath of data and China open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/NZD is a mixed bag although the bulls have been rescued in today's session with an optimistic RBA.

    The cross rallied eventually after an initial spike lower to 1.0671, and the high has been 1.0730 so far as we get through the Yuan fix and Chinese stock markets opening.

    Overnight, the US stocks were mixed on mixed opinions on the US's economic picture, but Wall Street pulled off a come back by the close and risk was back on. Oil is of course another main driver and that too had a volatile day overnight. Meanwhile, the retails sales were a disappointment missing expectations although the RBA's quarterly statement was upbeat saying that jobs growth is seen strong enough to push jobless rate lower and the RBA sees reasonable prospects for continued growth in the economy.

    Now, the key event will be the nonfarm payrolls tomorrow. For live coverage you can watch here .

    AUD/NZD levels

    AUD/NZD is bid above the 200 sma on the 4hr chart at 1.0714 although the rising trend was broken at the start of February's business and the cross penetrated the 100 sma on the same time frame at 1.0785 today, leaving the downside exposed. Until the cross can get above the 20 dma at 1.0757 again
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