AUD/NZD: broken uptrend support on NZ jobs

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 is currently trading at 1.0739 with a high of 1.0810 and a low of 1.0721.

    AUD/NZD has sold off with the Aussie losing traction due to not just the RBA statement and easing bias for 2016, but today's trade balance that came in far worse than expected, while the kiwi was able to enjoy an upside surprise in string jobs data for Q4 2015. The cross went from the 1.0880 level on the jobs data and the downside was extended from 1.08 the figure down to current lows of 1.0721.

    AUD/NZD levels

    Technically, AUD/NZD has smashed through the 200 sma on the hourly chart at 1.0834 and has met Jan 20th and 21st lows, denying the uptrend support from earlier in Jan at 1.0540. However, the downside might be limited from here with RSI below 30 on the 4hr chart.
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