AUD/NZD testing the downside post Capex

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/NZD is currently trading on the offer on the back of the Capex data that offers a weak outlook for future investment in the non mining sector and weighs on the Aussie.

    The headline was better but the details were not the best, although this was conducted in January and Feb while market turmoil was at its worst for the start of 2016. However, for now, the cross has dropped below the 1.08 handle and has made a low of 1.0756 so far.

    AUD/NZD levels

    Technically, AUD/NZD was pressured at the 20 sma on the hourly chart at 1.0794 after falling below the 200 on the same time from at 1.0823 overnight. The pivot is at 1.0816 ahead of the 200 sma on the hourly, R2 at 1.0890 and R3 at 1.0935.

    To the downside, S2 is at 1.0742 and S3 at 1.0713 and below the rising channel starting point of 1.0730 on the 18th Feb. Spot is stabilizing now at the 4hr 200 sma at 1.0757.
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