23 Jan 2014
NZD is out for AUD blood, support of 1.0600 is in sight again
FXstreet.com (Moscow) - AUD/NZD had a good start today as the cross moved above the resistance of 1.0650 and set the intraday high at 1.0665, but failed to keep gains and retraced due to AUD weakness across the board
AUD is in retreat
NZD fell under selling pressure against the AUD yesterday as the Australian inflation numbers reduced the chances for the rate cut in Australia. AUD/NZD finished the day close to the resistance level of 1.0650. But the AUD bulls feel blues again as China PMI released by HSBC during early Asian hours dropped to 49.6, below the threshold level of 50 that divides the expansion from the contraction. This weakened the Aussie across the board and pushed AUD/NZD from the short-term channel top at 1.0650 to 1.0620. The AUD sentiment is still strongly bearish, the cross may probe the support of 1.0600 pretty soon. Once it is broken, watch for yesterday’s low at 1.0572. The upside is likely to be limited by the above said resistance level.
What are today’s key AUD/NZD levels?
Today's central pivot point can be found at 1.0630, with support below at 1.0588, 1.0529 and 1.0487, with resistance above at 1.0689, 1.0731 and 1.0790. Hourly Moving Averages are bearish, with the 200SMA at 1.0674 and the daily 20EMA at 1.0745. Hourly RSI is neutral at 41.
AUD is in retreat
NZD fell under selling pressure against the AUD yesterday as the Australian inflation numbers reduced the chances for the rate cut in Australia. AUD/NZD finished the day close to the resistance level of 1.0650. But the AUD bulls feel blues again as China PMI released by HSBC during early Asian hours dropped to 49.6, below the threshold level of 50 that divides the expansion from the contraction. This weakened the Aussie across the board and pushed AUD/NZD from the short-term channel top at 1.0650 to 1.0620. The AUD sentiment is still strongly bearish, the cross may probe the support of 1.0600 pretty soon. Once it is broken, watch for yesterday’s low at 1.0572. The upside is likely to be limited by the above said resistance level.
What are today’s key AUD/NZD levels?
Today's central pivot point can be found at 1.0630, with support below at 1.0588, 1.0529 and 1.0487, with resistance above at 1.0689, 1.0731 and 1.0790. Hourly Moving Averages are bearish, with the 200SMA at 1.0674 and the daily 20EMA at 1.0745. Hourly RSI is neutral at 41.