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AUD/NZD tests 1h 100-SMA and retreats post- GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - AUD/NZD faced rejection just below 1.10 handle and erased most gains, now trading muted around 100-DMA at 1.0972.

    AUD/NZD taking on the recovery from 20-DMA

    The AUD/NZD cross faded a knee-jerk spike to highs reached at 1.0993 following the release of above estimates Aus Q3 GDP numbers, and reverted to familiar range near 100-DMA. Australia’s GDP expanded 0.9% in the September quarter, against 0.5% growth seen previously. Markets had predicted the economy to grow 0.8% in Q3.

    However, the cross defends mild gains mainly driven by a minor sell-off in NZD/USD, after the bird flew to four-week highs on Tuesday on the back of rise in dairy prices as reflected by the GDT index.

    Meanwhile, both Antipodeans have failed to benefit from broad USD weakness so far and now await fresh incentives from the US employment data due later in the day.

    AUD/NZD Technical Levels

    To the upside, the next resistance is located at 1.10 (round number) levels and above which it could extend gains to 1.0131 (Nov 17 High). To the downside immediate support might be located at 1.0918 (200-DMA) below that at 1.0833 (50-DMA).
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