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AUD/NZD testing lows on RBA's Edwards

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/NZD is currently trading at 1.0742 with a high of 1.0783 and a low of 1.0740. The Aussie is lower with the recent comments form RBA's Edwards crossing the wires saying he would be more comfortable with the Aussie at 0.65.

    AUD/NZD had otherwise been drifting to the downside within the broader consolidation of the recent bull trend from last week's lows of 1.0575. The Aussie has garnered some strength in the background of commodity prices recovering, within the ebbs and flows, and an improved risk apatite in markets, albeit on fragile foundations. The bird, on the other hand, has had less presence and remains confined to the mid point of recent ranges vs the greenback and on the back foot vs the Aussie while markets place bets on the cut from the RBNZ bank sooner than later in 2016 and perhaps as early as the first meeting after March's data should conditions continue to deteriorate.

    PBOC sets USD/CNY at 6.5186 vs 6.5152 last fix

    AUD/NZD levels

    AUD/NZD has dropped below the 20 and 100 sma converging around 1.0782 and pressures are mounting as the cross trades with a bearish bias after being capped in the vicinity of 1.0870. However, we are in a slow bearish drift and RSI remains neutral across the familiar time frames. Spot is below the pivot of 1.0783 with S1 at 1.0712, S2 at 1.0685 and S3 at 1.0658.
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