FxWirePro: AUD/NZD Daily Outlook

Chart - Courtesy Trading View 

AUD/NZD was trading 0.44% higher on the day at 1.0956 at around 08:45 GMT.

The pair has edged above 200H MA and GMMA indicator has turned bullish on the intraday  charts.

Data released earlier today showed China’s headline Consumer Price Index (CPI) dropped to 2.1% versus 2.4% market forecasts and 2.8% prior. 

However, the Producer Price Index (PPI) improved to -1.3% compared to -1.5% expected and 0.9% previous readings.

Elsewhere, China reports the highest levels of new COVID cases in six months, with the latest addition of 8,335 for November 08, denting risk sentiment.

Technical indicators for the pair are turning bullish, raising scope for more upside in the pair.

5-DMA has turned North, price action has edged above 200H MA. RSI shows bullish rollover from oversold levels.

Support levels - 1.0947 (200H MA), 1.0911 (5-DMA)

Resistance levels - 1.1002 (200-DMA), 1.1019 (5-week MA)

Summary: AUD/NZD pauses downside with spinning top formation. Intraday bias is turning bullish. The pair is on track to test 200-DMA, retrace above will see more gains.