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AUD/NZD smashed to test key 1.0520 support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0560 with a high of 1.0649 and a low of 1.0522.

    With AUD/USD smashed to the downside on the back of the Aussie Q3 CPI miss, AUD/NZD gives way and gives up the 1.06 handle in a 90 pip stampede. Australia's CPI (QoQ) for Q3 came in at 0.5% and this was coming in below forecasts of 0.6%. Annually came below expectations as well at 1.5% vs 1.7% exp. This leaves the chances of an RBA cut more likely but still

    AUD/USD levels

    Technically, AUD/NZD is heavy below the 200 DMA at 1.0763 and embarks on the S3 at 1.0511 although in highly oversold territory with RSI (14) at 20. Rebounds need to overcome 1.0610 and the pivot at 1.0654.
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