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AUD/NZD: downside in tact but momentum slows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/NZD is currently trading at 1.0635 with a high of 1.0688 and a low of 1.0631.

    AUD/NZD is remains in a bearish trend and lost the 1.07 handle in recent sessions scoring a low of 1.0589 on a short-lived dip below the 1.06 handle as the bird gathers pace vs the greenback. The US dollar is still unfavorable, despite Yellen offering it a little support while remaining cautiously optimistic.

    Today we have New Zealand business PMI and Aussie consumer inflation expectations. While tomorrow, Stevens will testify and grab the markets attention looking for whether he sees a rate cut this year or whether the global headwinds will tail off and allow the Aussie economy to continue growing towards the RBA meeting their inflation targets.

    AUD/NZD levels

    Technically, the 4hr 20 sma at 1.0664 is resisting recoveries while pressures mounted previously at the 200 sma at 1.0718 on the same time frames. The downtrend commenced from the vicinity of the 200 dma at 1.0914 and highs of 1.0970. The pivot is just ahead at 1.0655 while the downside moves in towards S1 at 1.0594 and S2 at 1.0530. RSI (14) on the 4hr chart is 39.
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