AUD/USD tracks AUD/NZD higher, at daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The sharp rise in the AUD/NZD following the RBNZ rate decision continues to push the AUD/USD higher. The pair just clocked fresh daily high of 0.7067.

    Eyes previous day’s high

    The spot appears on track to re-test the previous daily high of 0.7082. The RBNZ left the door open for further rate cuts, saying more easing might be necessary as falling oil prices and weaker global growth dampen inflation.

    The comments pushed the AUD/NZD to 6-week high and led to a rally in the AUD/USD pair. Later in the day, the traders would watch out for US durable goods orders data, weekly jobless claims and housing figures.

    AUD/USD Technical Levels

    The immediate support is seen at 0.7020 (hourly 50-MA), under which the pair could drop to hourly 200-MA at 0.6957. On the other hand, a break above the previous day’s high of 0.7082 could send the pair higher to 0.7145 (hourly 50-MA).
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