FxWirePro: Aussie falls against major peers after S&P revises Australia’s sovereign credit outlook
AUD/NZD is trading around 1.0504 marks. Pair made intraday high at 1.0549 and low at 1.0487 marks. Intraday bias remains bearish till the time pair holds key resistance at 1.0547 marks. On the top side, a sustained close…
Pair made intraday high at 1.0549 and low at 1.0487 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1.0547 marks.
On the top side, a sustained close above 1.0547 will drag the parity higher towards 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 1.0407(June 9, 2016 low) will take the parity down towards key supports around 1.0362 and 1.0231 marks respectively.
Today S&P revises Australia’s sovereign credit outlook down to negative from stable; Current rating is AAA.
We prefer to take short position in AUD/NZD around 1.0520, stop loss 1.0552 and target 1.0450 marks.
