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AUD/NZD stages solid comeback, regains 1.06

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The Australian dollar tries to regain lost ground versus its OZ neighbour in the mid-European session, now sending AUD/NZD back above 1.06 handle.

    AUD/NZD trims losses

    Currently, the AUD/NZD pair trades -0.25% lower at 1.0604, recovering form fresh five-month lows reached at 1.0536 in early Asia. The AUD/NZD cross posed a solid rebound and recovered half its slide mainly driven by the recovery seen in the AUD/USD pair.

    While the Kiwi remains deep in the red and consolidates to the downside around 0.6730 levels ahead of RBNZ policy meeting due later today, and therefore aids the recovery in AUD/NZD.

    Earlier in Asia, the cross was hit badly by the poor Australian CPI data, which heavily weighed on the AUD across the board and raised expectations of RBA rate cut in Nov.

    AUD/NZD Technical Levels

    To the upside, the next resistance is located at 1.0627/1.0652 (Today’s High + H1 50-SMA) levels and above which it could extend gains to 1.0681 (H1 200-SMA). To the downside immediate support might be located at 1.0536 (Today’s Low) below that at 1.0500 (round number).
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