AUD/NZD below fair value: bullish bias to 1.0750 or above

Currently, AUD/NZD is trading at 1.0453, down -0.30% on the day, having posted a daily high at 1.0497 and low at 1.0420.

AUD/NZD has been consolidating in a wide range between 1.0405 and 1.0515 since the end of November business and has failed each time on a break higher at the 200 sma on the 1hr sticks. AUD/NZD's  momentum is slightly negative currently ahead of Wheeler who will be speaking on the hour.  

"RBNZ Governor Wheeler speaks in Greymouth on the economy in a speech which helps fill the void between the Nov and Feb meetings. We will be watching for any comments on the recent rise in NZ term interest rates," explained analyst at Westpac who offered AUD/NZD in a 1-3 month, "Higher to 1.0750 or above. The cross remains well below fair value estimates implied by interest rates, commodity prices and risk sentiment."

AUD/NZD levels

Spot is presently trading at 1.0453, and next resistance can be seen at 1.0460 (Hourly 100 SMA), 1.0465 (Daily Classic PP), 1.0483 (Weekly Classic PP), 1.0484 (Daily Open) and 1.0484 (Weekly High). Next support to the downside can be found at 1.0445 (Hourly 20 EMA), 1.0436 (Daily Classic S1), 1.0425 (Monthly Low), 1.0425 (Weekly Low) and 1.0420 (Daily Low).