FxWirePro: AUD/NZD hovers around key resistance at 1.0450, upside limited
AUD/NZD is trading around 1.0441 marks. Pair made intraday high at 1.0461 and low at 1.0412 marks. Intraday bias remains slightly bullish for the moment. On the top side, a sustained close above 1.0450 will drag the pari…
Pair made intraday high at 1.0461 and low at 1.0412 marks.
Intraday bias remains slightly bullish for the moment.
On the top side, a sustained close above 1.0450 will drag the parity higher towards 1.0538/1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Alternatively, a sustained break below 1.0400 mark will take the parity down towards key supports around 1.0315(May 05, 2015 low), 1.0261 and 1.0109 marks respectively.
Australia’s June NAB business confidence increase to 6 vs previous 3.
Australia’s June NAB business conditions increase to 12 vs previous 10.
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.
We prefer to take short position in AUD/NZD around 1.0450, stop loss 1.0497 and target 1.0351/ 1.0312 marks.
