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AUD/NZD: bulls making hard work of the pivot

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/NZD is consolidating around the 20 and 10 sma on the hourly sticks and recovering from 1.1045 lows and again from 1.1055 on a second attempt to the downside.

    AUD/NZD was sliding below 1.11 in NY as the kiwi stole the show, rallying for some unknown reason in London and not looking back, exposing the Aussie to the downside when the greenback started to recover on data and positive comments from Fed's Evans. However, we are seeing slight turn around in risk appetite as we progress through Asia, with the Yen fix instigating a rally in USD/JPY while the Aussie picks up some demand on a spike as well, sending the cross, AUD/NZD, back to 1.1100 from 1.1069 lows on the back of a poor NZ the ANZ business confidence 3.2 vs prior 7.1.

    Data wise for the Aussie, we have seen Australian private sector credit for February +0.6% m/m vs +0.5%expected. We also had the Australian HIA New Home Sales for February at -5.3% vs prior +3.1%.

    AUD/NZD levels

    While above the wide 200 dma at 1.0942, and now trading, at time of writing, back above the pivot at 1.1091, albeit in thin ice, the bulls are hunting down 1.1137 classic R1 and R2 at 1.1191. On the flip side, a break below 28 Jan high of 1.0970 exposes the 200 dma and onto 1.0880/90 and 6th March rally starting point.
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