AUD/NZD chart - Trading View
Spot Analysis:
AUD/NZD was trading 0.02% lower on the day at 1.0474 at around 10:00 GMT
Previous Week's High/ Low: 1.0611/ 1.0476
Previous Session's High/ Low: 1.0547/ 1.0476
Fundamental Overview:
New Zealand’s consumer price index grew a higher-than-expected 4.9% year-on-year and 2.2% quarter-on-quarter in the third quarter.
The surprise leap in New Zealand’s CPI would likely reinforce the need for the Reserve Bank of New Zealand's hawkish interest rate policy.
The Chinese data released earlier in the day showed GDP grew 0.2% quarter-on-quarter and 4.9% year-on-year in the third quarter of 2021.
Industrial production grew 3.1% year-on-year, retail sales grew 4.4% year-on-year in September and the unemployment rate was at 4.9%.
Traders spooked after China's Q3 GDP disappointed markets. Risk aversion across markets keeps the antipodeans under pressure.
Technical Analysis:
- AUD/NZD has edged higher from eight day lows at 1.0449
- Price action finds support at 21-EMA, Doji formation dents further downside
- RSI and Stochs are biased lower, MACD is on verge of bearish crossover on signal line
- Price action has failed to extend break above daily cloud
Major Support and Resistance Levels:
Support - 1.0460 (20-DMA), Resistance - 1.0546 (200H MA)
Summary: AUD/NZD poised for further downside. Watch out for close below 21-EMA for further downside. Next immediate support lies at 50-DMA at 1.0425.
