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AUD/NZD has a bullish bias

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0755 with a high of 1.0774 and a low of 1.0748.

    AUD/NZD trades in consolidation and remains in a narrow range on the 1.07 handle while the 200 SMA on the hourly chart is located at 1.0721 offering a supporting factor to the cross that trades with a bullish bias fundamentally after the latest dairy auction disappointments for the bird and the divergence between the two central banks and interest rates.

    The RBNZ is expected to cut rates in the next quarter, most likely in late December, while the RBA remains bullish but they recently offered an air of caution around their wait and see strategy. Still, markets are not expecting a rate cut from the RBA at this stage, but this week is key with the jobs market data from Australia as a key component to the RBA's decisions making.

    AUD/NZD levels

    Technically, AUD/NZD is trading below the pivot of 1.0773 although oscillates on the 1.07 handle and within a tight range without anything significant that would indicate otherwise for the time being. A break of 1.0859 would be required to confirm the bullish trend and a continuation while the downside and a mild correction could be triggered on a break of 1.0680, 1.0620 and 1.05 to resume a bearish run towards parity.
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