FxWirePro: AUD/NZD breaks above 110-EMA, hits 3-months highs at 1.0811, bias higher

• AUD/NZD spikes higher, trades 1.06% higher on the day, bias higher.
   
• The pair has hit 3-month highs at 1.0811 before paring some gains to currently trade at 1.0794.
   
• China PPI, a good indicator of demand for commodities ticked higher in April, supporting commodities and the commodity currencies like the Aussie.
   
• China producer price index (PPI) increased 3.4 percent year-on-year in April from the March reading of 3.1 percent.
   
• On the other side, the kiwi slumps across the board on a dovish RBNZ. The central bank looks set to hold steady on rates for the foreseeable future. 
   
• RBNZ Governor Adrian Orr said that the central bank is dedicated to easy monetary policy "for an extended period of time".
   
• AUD/NZD has broken above 110-EMA at 1.0705, scope for test of trendline at 1.0845. Violation there will see test of 61.8% Fib at 1.0984

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -37.2314 (Neutral), while Hourly NZD Spot Index was at -146.854 (Bearish) at 1015 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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