FxWirePro: AUD/NZD consolidates around 1.0450 mark, bias highly neutral
AUD/NZD is trading around 1.0479 marks. Pair made intraday high at 1.0493 and low at 1.0450 marks. Short term bias remains highly neutral till the time pair holds tight range from 1.0547 to 1.0450 marks. On the top side,…
Pair made intraday high at 1.0493 and low at 1.0450 marks.
Short term bias remains highly neutral till the time pair holds tight range from 1.0547 to 1.0450 marks.
On the top side, a sustained close above 1.0547 will drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Alternatively, a daily close below 1.0455 will take the parity down towards key supports around 1.0408(June 9, 2016 low), 1.0362 and 1.0231 marks respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
Australia May private sector credit decrease to 0.4 % vs previous 0.5 % and housing credit increase to 0.5 % vs previous 0.4 %.
On the other side, New Zealand business confidence 20.2pct in June vs 11.3 pct in previous survey while business own activity outlook 35.1pct in June vs 30.4 pct in previous survey - ANZ bank.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
