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AUD/NZD recovery halted, back under pressure

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - AUD/NZD is falling again and is moving toward last week lows after the recovery of the pair lost momentum.

    AUD/NZD below 1.0650

    Price is consolidating below the 1.0650 area that was an important support. Now the short-term technical outlook favors the downside as price holds below the 20-MA in four hour charts.

    Last week it dropped to 1.0570, reaching the lowest level since May and then bounced to the upside, starting a recovery. But it failed to hold above 1.0700 and weakened. Today it resumed the decline. So far it remained above 1.0600. Currently it trades at 1.0635, 40 pips below yesterday’s closing price.

    AU CPI and RBNZ ahead

    During Wednesday’s Asian session inflation data from Australia will be released from the third quarter. The index is expected to increase 0.6%. Also the Reserve Bank of Australia will publish its annual report.

    Also on Wednesday (Thursday morning in New Zealand) the Reserve Bank of New Zealand will announce its decision on monetary policy. No change in rates is expected but the tone of the statement is likely to trigger volatility in NZD crosses.
    For more information, read our latest forex news.

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