- AUD/NZD is trading around 1.0417 marks.
- Pair made intraday high at 1.0439 and low at 1.0411 marks.
- Short term bias remains neutral till the time pair holds key support at 1.0416 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, current downfall will take the parity down towards key supports around 1.0408 (June 9, 2016 low), 1.0362 and 1.0231 marks respectively.
- Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
- Australia June AIG services index decrease to 51.3 vs previous 51.5.
- Australia May retail sales mm stays flat at 0.2 % (forecast 0.3 %) vs previous 0.2 %.
- Australia May trade balance decrease to -2218 mln A$ (forecast -1500 mln A$) vs previous -1579 mln A$.
- RBA will hold its board meeting today at 0430 GMT and almost all 37 economists polled by Reuters last week expect it to keep the cash rate unchanged at a record low 1.75 percent.
We prefer to take short position in AUD/NZD only below 1.0408, stop loss 1.0547 and target 1.0362/ 1.0231 marks.
