AUD/NZD back above 1.12 mark, intraday bias remains neutral
Pair is currently trading around 1.1240 levels. Pair made intraday high at 1.1254 and low at 1.1160 marks. Pair remains volatile during the Asian session as both the countries have released key economic data. New Zealand…
Pair made intraday high at 1.1254 and low at 1.1160 marks.
Pair remains volatile during the Asian session as both the countries have released key economic data.
New Zealand’s GDP expanded by 0.9% in the three months to December from the previous quarter, unchanged from the growth rate of the third quarter.
In Australia jobs data showed a gain of 3,000 jobs in February, less than the 10,000 expected and an unemployment rate at 5.8%, below the 6.0% expected.
Intraday bias remains neutral for the moment.
Pair fails to find support above 1.13 and dragged the parity down to 1.1160 levels.
A daily close above key resistance at 1.1298 will drag the parity towards 1.1590 marks.
Alternatively, reversal from key resistance suggests down side correction and will take the parity towards key support levels around 1.1170/ 1.1064 levels thereafter.
We prefer to take short position in AUD/NZD around 1.1270, stop loss 1.1317 and target 1.1160/1.1065 marks.
