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AUD/NZD recovery losses momentum above 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) -The aussie was among the top performers in the currency market supported by a recovery in global stocks and in commodity prices. But as risk appetite eased it lost strength.

    AUD/NZD dropped during the Asian session to 1.0629, approaching last week lows but then bounced to the upside. It extended gains on European hours and peaked at 1.0711. If failed to hold above 1.0700 and trimmed gains, pulling back below.

    AUD/NZD: levels to watch

    AUD/NZD was trading at 1.0675/80, up 50 pips for the day and far from the highs. To the upside, immediate resistance is seen at 1.0700 (psychological level), 1.0725/30 (Jan 03 & 13 high) and 1.0810 (Jan 15 high). On the opposite direction, support might lie at 1.0665 (American session low) and 1.0630/40 (20-day MA / daily low).

    Data ahead

    During Wednesday’s Asian session, in New Zealand, CPI data from the fourth quarter will be released and later, in Australia, consumer confidence data from Westpac.

    Inflation numbers could have an impact on the kiwi. The main focus of attention continues to be on China, sentiment toward risk and commodity prices.
    For more information, read our latest forex news.
     

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