4 Sep 2013
AUD/NZD maintains 5-week summits; maintains 1.16 zone
FXstreet.com (Chicago) - AUD/NZD holds on to 1.16 zone ahead of Australian data after breaking through 1.1580 peaks (August 23rd) on impressive rally at the closing of the American trading session.
Is Australia bullish?
Ahead of AiG performance of services index release in Australia and GDP results for the second quarter of the year, the Aussie maintains levels of performance after steep climb above 1.16 zone. In New Zealand, no official data is due today which may trigger market participants’ extended reactions to facts releases.
AUD/NZD Technical Levels
Primary and secondary trends are facing up but what is there for the short-term range? The pair rebound from 1.1270 zone last August 19th and has extended bullish momentum despite hitting double peaks on August 23rd and August 25th. Reaching weekly highs, the pair managed to record 5-week peaks at 1.1697 before retracing and yet maintaining the 1.1600 zone. At 1.1606, the pair oscillates between supports at 1.1585 (August 24th highs), 1.1559 (July 19th lows) ahead of 1.1534 (August 30th highs) and resistances at 1.1629 (September 2nd highs), 1.1651 (July 23rd highs) followed by 1.1674 (July 8th lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis and is offered above the EMA20.
Is Australia bullish?
Ahead of AiG performance of services index release in Australia and GDP results for the second quarter of the year, the Aussie maintains levels of performance after steep climb above 1.16 zone. In New Zealand, no official data is due today which may trigger market participants’ extended reactions to facts releases.
AUD/NZD Technical Levels
Primary and secondary trends are facing up but what is there for the short-term range? The pair rebound from 1.1270 zone last August 19th and has extended bullish momentum despite hitting double peaks on August 23rd and August 25th. Reaching weekly highs, the pair managed to record 5-week peaks at 1.1697 before retracing and yet maintaining the 1.1600 zone. At 1.1606, the pair oscillates between supports at 1.1585 (August 24th highs), 1.1559 (July 19th lows) ahead of 1.1534 (August 30th highs) and resistances at 1.1629 (September 2nd highs), 1.1651 (July 23rd highs) followed by 1.1674 (July 8th lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis and is offered above the EMA20.