AUD/NZD bottomed out back above 1hr 20 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/NZD has bounced while the main driver today has been the dollar sell-off. The long positions in the greenback have been squeezed out on a huge correction and a bounce in the price of oil and commodities.

    The Aussie trade balance was a big miss overnight (AUD: Trade balance worse than expectations - TDS) while the NZ jobs data was surprisingly strong (NZ jobs: Huge surprise, looks exaggerated - ANZ) . Both are relishing in the dollar's weakness today, but the Kiwi has the upper hand so far.

    AUD/NZD levels

    Technically, AUD/NZD is well below the pivot at 1.0871 and oversold. RSI (14) is at 24.58 while the price is off the lows of 1.0650 targeting 1.08 the figure and the 50 sma on the hourly chart. A continuation of the downtrend looks for the Jan 15th 1.0595 low.
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