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AUD/NZD wavers in tight range below 1.1150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Australian dollar surrendered control against its OZ counterpart in the late-Asian trades, sending AUD/NZD lower from session tops.

    AUD/NZD capped below daily pivot at 1.1151

    Currently, the AUD/NZD pair trades almost unchanged at 1.1132, moving away from session highs printed at 1.1145 earlier today. The cross in the AUD/NZD failed to defend mild gains and turned into the red zone as markets digest the latest stake sale news as signalled by Air New Zealand. As reported via Reuters, Air New Zealand said on Wednesday it was reviewing its $350 million stake in Virgin Australia, including a possible sale.

    Moreover, the NZD bulls fought back control as markets continue to cheer strong economic data out of New Zealand. The building consents data figures showed a 10.8% increase last month, rebound from the 7.8% drop seen in January. Markets now look forward to the US jobs report and crude inventory report from the EIA for further cues on the cross.

    AUD/NZD Levels to watch

    The pair finds the immediate resistance at 1.1150/51 (psychological levels/ daily pivot) above which gains could be extended to the 1.1200 (round number). On the flip side, the immediate support located at 1.1084 (daily S1). Selling pressure is likely to intensify below the last, dragging the Aussie to 1.0965 (50-DMA).
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