FxWirePro: AUD/NZD hits fresh 2-month high, RBA minutes in focus
AUD/NZD is trading around 1.0728 marks highest since May 31, 2016. Pair made intraday high at 1.0771 and low at 1.0664 marks. Intraday bias remains bullish for the moment. On the top side, a sustained close above 1.0748 …
AUD/NZD is trading around 1.0728 marks highest since May 31, 2016.
Pair made intraday high at 1.0771 and low at 1.0664 marks.
Intraday bias remains bullish for the moment.
On the top side, a sustained close above 1.0748 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Alternatively, a sustained break below 1.06 mark will take the parity down towards key supports around 1.0560, 1.0420, 1.0315(May 05, 2015 low), 1.0261 and 1.0109 marks respectively.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
According to the RBNZ, It is proposing to raise the Loan-to-Value ratio (LVR) limit to 60% for property investors. After the news, Kiwi falls sharply against the major peers.
RBA will release monetary policy meeting minutes at 0130 GMT. This will provide further directions to the parity.
