FxWirePro: AUD/NZD faces key resistance at 1.0572, a sustain break above targets 1.0647
AUD/NZD is trading around 1.0531 marks. Pair made intraday high at 1.0544 and low at 1.0493 marks. Intraday bias remains bullish till the time pair holds initial support at 1.0496 marks. A sustained close above 1.0571 is…
Pair made intraday high at 1.0544 and low at 1.0493 marks.
Intraday bias remains bullish till the time pair holds initial support at 1.0496 marks.
A sustained close above 1.0571 is required to 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 1.0442 will take the parity down towards key supports around 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. Current upside movement is short term trend correction only.
Today Australia released Westpac consumer sentiment data. It decreases to -1.0% m/m vs 8.5% m/m previous release.
On the other side, New Zealand’s current account surplus rose to $1.31B m/m vs -$2.89B m/m (revised from $-2.61B) previous release.
We prefer to take short position in AUD/NZD around 1.0560, stop loss 1.0647 and target 1.0496/ 1.0442 levels.
