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AUD/NZD: bounces-off key support, recovers to 1.0960

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The Australian dollar remains heavily offered against its OZ counterpart in the early European morning, with AUD/NZD now attempting tepid-recovery from session lows struck near hourly 100-SMA.

    AUD/NZD drops 1 big figure from 7-week highs

    The AUD/NZD cross met fresh supply near 100-DMA located at 1.0983 and drop further to lows, before recovering to 1.0960 levels, where it now wavers. The cross found renewed bids near the hourly 100-SMA placed 1.0933 and turns higher as the NZD/USD pair stalled its recovery mode and eased-off highs.

    At the same, the Australian dollar also trimmed losses versus the US dollar and reverted to 0.71 handle. Markets resort to repositioning ahead of the much-awaited FOMC minutes due later in the NY session, which is likely to shed fresh light on the Fed interest rate outlook.

    Meanwhile, both Antipodeans extends its range-trade, with the bearish bias intact, as the ongoing rout in commodities prices continue to hinder the sentiment around the commodity-currencies.

    AUD/NZD Technical Levels

    To the upside, the next resistance is located at 1.10 (round number) levels and above which it could extend gains to 1.0131 (Nov 17 High). To the downside immediate support might be located at 1.0933 (1h 100-SMA) below that at 1.0866 (200-DMA).
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