AUD/NZD recovers from weak Australian data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - AUD/NZD trimmed losses during the last hours but is still headed toward the second daily decline in a row. The pair weakened on Asian hours after the release of capital expenditure data from Australia, that showed a larger-than-expected decline (-9.2% vs -2.9%) in the third quarter and pushed the aussie to the downside across the board.

    AUD/NZD back above 1.1000, around the 100-day MA

    After the Capex report the pair tumbled more than 50 pips and bottomed at the beginning of the European session at 1.0954, hitting the lowest level since last Friday. But then stabilized and started to recover. On a low volume American session the pair climbed back above 1.1000. Currently it trades at 1.1002/06, 50 pips above daily lows but 0.20% down for the day.

    At the moment the pair is trading around the weekly 20-MA. It is standing marginally below the level it had seven day ago, falling modestly after rising during the previous three weeks, when it rallied from 1.0520 and peaked on Tuesday at 1.1085.
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