AUD/NZD upside tested again; can bulls prevail?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/NZD has been better bid since the middle of Feb, making an impressive rally, especially last week from the mid 1.10 handle on the back of the RBNZ's surprise cut to make recent highs of 1.1284.

    AUD/NZD settled back from those aforementioned highs and caught some demand again at 1.1140 and has drifted back on the bid to 1.1267. Today, we have the Aussie in the spotlight with the RBA minutes coming up. See here for a preview of that.

    Otherwise, the Aussie jobs report and the FOMC will take further attention away from the NZ economy for the time being while markets are settled on the recent action from the RBNZ for the time being.

    AUD/NZD levels

    AUD/NZD has been trading above the pivot of 1.1201, testing through R1 at 1.1257 and has R2 at 1.1302 and R3 at 1.1358. To the downside, S1 is located at 1.1156 on a break below the 4hr 20 sma at 1.1218. The major level to the downside for the cross stands at 1.1080 and Nov 2015 highs (1.1088) ahead of the 200 dma at 1.0934 today.
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