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AUD/NZD fails to resist above 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Australian dollar managed to recover lost footing versus its OZ neighbour over the last hours, although AUD/NZD struggles to extend on the bids.

    Kiwi trims gains post-China services PMI

    Currently, the AUD/NZD pair trades modestly flat at 1.0924, recovering slighlty from session lows struck at 1.0917 post-China PMI. The cross in the AUD/NZD remains supported on the back of underlying strong fundamentals from Australia, after the above estimates trade figures added to the stronger Q4 GDP-led rally.

    However, the sentiment surrounding the cross remains weak as the dismal Chinese services PMI report weighs on both Antipodes and restricts further recovery in AUD/NZD. Later today, the US macro updates will influence both the OZ currencies, while tomorrow’s Aus retail sales and the crucial NFP data from the US is likely to have major impact on the cross.

    AUD/NZD Levels to watch

    The pair finds the immediate resistance at 1.0950/57 (psychological levels/ daily high) above which gains could be extended to the next hurdle located at 1.0983/1.1000 (Mar 2 High/ round number). On the flip side, the immediate support located at 1.0881 (1h 50-SMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 1.0858 (5-DMA).
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