FxWirePro: AUD/NZD hits fresh 5-month high after mixed economic data from Australia

• AUD/NZD is currently trading around 1.0998 marks.
   
• Pair made intraday high at 1.1017 and low at 1.0949 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 1.0923 mark.
   
• A daily close below 1.0955 will take the parity down towards key supports around 1.0923, 1.0862, 1.0798, 1.0737, 1.0693, 1.0649, 1.0590, 1.0443, 1.0371, 1.0326 and 1.0237 marks respectively.
   
• On the other side, a sustained close above 1.0955 will drag the parity higher towards key resistances at 1.1018/1.1062/1.1148/1.1224 levels respectively.
   
• Australia July building approvals m/m decrease to -1.7 % (forecast -5 %) vs previous 11.7 % (revised from 10.9 %).
   
• Australia July private house approvals decrease to 0 % vs previous 4 % (revised from 3.4 %).
   
• Australia Q2 construction work done increase to 9.3 % (forecast 1.0 %) vs previous 0.9 % (revised from -0.7 %).
   
• RBNZ’s Wheeler says in the absence of major unanticipated shocks, prospects look promising for continued robust economic growth in NZ over the next two years.
   
• RBNZ’s Wheeler says there’s a risk of housing market resurgence if LVRS were removed at this time.
   
• RBNZ’s Wheeler says a lower NZ$ is needed to increase tradable inflation and help deliver more balanced growth.

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