AUD/NZD retreats from 2-month highs, keeps bullish bias

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 is having toward the worst day in weeks but still holds a bullish tone. Yesterday it reached at 1.1087, the strengths level in two months. Today it rose to test the highs but failed to break higher and retreated. The decline from the highs found support at 1.1020 and currently is trading at 1.1025.

    So far during November it has risen more than 500 pips and the price is holding above the 100-day MA that stands at 1.1000. To the upside, around 1.1090 – 1.1100 a strong resistance could be seen, that is capping the current rally.

    Data ahead

    After Wall Street closes, at 22:45 GMT, the October trade balance report from New Zealand will be released, an increase in the exports and imports is expected. Later, at 01:30 GMT in Australia, it will be the turn of the private capital expenditure numbers of the third quarter ahead of next week RBA decision.
    For more information, read our latest forex news.

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