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AUD/NZD rising support challenged on dismal Capex

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0987 with a high of 1.1044 and a low of 1.0982.

    AUD/NZD is down to test the 200 SMA on the hourly chart on the back of the dreadful Capex headline number. The actual number Q/Q for Q3 arrived at -9.2%. Meanwhile, while the 4th estimate of investment plans for 2015/16, with the survey conducted from Oct to early Nov arrived in line with expectations, coming in at A$120bln and against 3rd estimate of A$115bln.

    This data will not be enough to sway the RBA out of their wait and see mode while markets do not expect any call to action to at least February of 2016 depending on how further data comes out while the RBNZ, on the other hand has been tipped to cut interest rates as soon as Dec 10th meeting.

    AUD/NZD levels

    Technically, this has left a dent in the rising channel of mid November's business down at 1.0720/30. A close below the 200 SMA on the hourly will jeopardise the rising support and expose the 1.09 level. A recovery will look to get back into the channel and may find tough resistance at 1.1080.
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