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AUD/NZD drops further to test hourly 200-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The New Zealand dollar manages to keep the upper edge over its OZ counterpart in the Asian trades this Tuesday, as the Aussie finds fresh sellers following the release of dovish minutes of RBA’s April 5th policy meeting.

    AUD/NZD benefits from much stronger NZD

    The AUD/NZD pair now loses -0.25% to trade at 1.1124, hovering within a striking distance of fresh session lows struck at 1.1119 some minutes ago. The cross drifted lower over the last hour after the AUD/USD pair came under fresh selling pressure as markets absorb the latest RBA minutes, which revealed a slight tilt towards a dovish stance. Moreover, lower commodities’ prices, particularly oil, weigh down on the resource-linked Antipodeans.

    Looking ahead, the cross is expected to remain weak as the NZD remains strongly bid and outweighs the gains seen in its OZ neighbour. Calendar-wise, the AUD/NZD cross may get influence by the US datasets ahead of the GDT price index release. Besides, RBA Governor Stevens speech is also expected to fresh impetus to the prices.

    AUD/NZD Technical Levels

    To the upside, the next resistance is located at 1.1170/74 (Apr 7 high/ daily R1) and above which it could extend gains to at 1.1200 (round number).To the downside immediate support might be located 1.1118/00 (1h 200-SMA/ round number) below that at 1.1083/81 (50-DMA/ daily S1).
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