AUD/NZD upside triggered to 1.0780

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/NZD is currently trading with a high of 1.0765 and a low of 1.0729.

    AUD/NZD is testing the 100sma on the 4hr chart with support seen below the 200 sma on the same time frame. It has been quite a battle between the cross this year so far, while the lows settle at the mid point of 2015 business and is directionless while the greenback drives the momentum one way or the other, as both nations wear the global headwinds on their coat tails as their Central Banks try to keep the economy on the path of growth. The range is wide this year between 1.0539 and 1.0970.

    Today, we had NZ retail sales, RBNZ inflation expectations y/y Q1, and the RBA minutes. None were particularly eventful although the NZ data was disappointing at 1.2% vs 1.45 expected while the RBA minutes again highlighted China as the main threat as Stevens remains vigilant and cautiously optimistic. Despite that Aussie actually got a little bid after the release and extended the upside from 0.7150 territory in AUS/USD.

    AUD/NZD levels

    The pivot is 1.0733 with R2 at 1.0790 and R3 at 1.0814. The 20 sma on the hourly at 1.0733 is a potential support with higher highs and lows above 1.0720. To the downside, the 200 sma on the same time frame is located at 1.0685 and the 100 sma is located at 1.0669. S1 is 1.0700 and S3 at 1.0643 with RSI neutral on the 4hr chart at 61.
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