AUD/NZD is trading around 1.1097 marks. Pair made intraday high at 1.1117 and low at 1.1076 marks. The New Zealand dollar was the strongest performer among the majors on Tuesday after the strongest rise in dairy prices i…
Pair made intraday high at 1.1117 and low at 1.1076 marks.
The New Zealand dollar was the strongest performer among the majors on Tuesday after the strongest rise in dairy prices in six months.
Fonterra's fortnightly Global Dairy Trade auction concluded with a 3.8% rise in dairy prices, the biggest increase since early October.
In addition, overnight the main driver for the Aussie was RBA Governor Glenn Stevens' speech, in which he highlighted the limits to monetary policy, taking a stab at other central banks which have adopted extreme policy measures to support their economies.
Intraday bias remains bullish till the time pair holds key support at 1.1062 marks.
A daily close below 1.1062 will take the parity down towards 1.1016/ 1.0934 marks.
On the other side, initial resistances are seen at 1.1123/1.1298/1.1352/1.1590 marks.
We prefer to take long position in AUD/NZD only above 1.1123, stop loss 1.1062 and target 1.1220/ 1.1260 marks.
