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AUD/NZD falls sharply below 1.0900 on a stronger kiwi

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/NZD suffered on Friday the biggest daily loss in more than a month amid a stronger New Zealand dollar, boosted by risk appetite and a recovery in commodity prices.

    The pair broke below Tuesday's lows located around 1.0930 and accelerated to the downside. It bottomed at 1.0865, the lowest level in three weeks. It was about to end the week under 1.0900.

    AUD/NZD bearish ahead of RBNZ

    Friday’s decline pushed the price below the 20-day MA that stands at 1.0935 for the first time in a month. Also the pair broke an important support at 1.0930 and is now testing 1.0850 that capped the downside in early October and the upside in November.

    Next week there will be two key events related with AUD/NZD. On Wednesday after Wall Street (early Thursday in NZ) the Reserve Bank of New Zealand will announce its decision on monetary policy; a 25 basis points rate cut is expected. Later on Thursday, in Australia the November employment report will be released.
    For more information, read our latest forex news.
     

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