FxWirePro: Aussie gains against Kiwi after higher than expected NAB business condition data
AUD/NZD is trading around 1.0496 marks. Pair made intraday high at 1.0498 and low at 1.0445 marks. Intraday bias remains neutral till the time pair holds initial resistance at 1.0496 marks. A sustained close above 1.0571…
Pair made intraday high at 1.0498 and low at 1.0445 marks.
Intraday bias remains neutral till the time pair holds initial resistance at 1.0496 marks.
A sustained close above 1.0571 is required to 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.
On the other side, a daily close below 1.0442 will take the parity down towards key supports around 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. Current upside movement is short term trend correction only.
Today Australia released NAB business confidence data. It fell from 5 in April to 3 last month, while the NAB Business Conditions index held steady at 10 vs 9 previous release.
On the other side, New Zealand’s food and beverage prices fell in May to -0.5% m/m vs 0.3% previous release.
We prefer to take long position in AUD/NZD only above 1.0496, stop loss 1.0442 and target 1.0571/1.0647 levels.
