- AUD/NZD is trading around 1.0504 marks.
- Pair made intraday high at 1.0509 and low at 1.0459 marks.
- Intraday bias remains bullish till the time pair holds initial support at 1.0455 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 daily close below 1.0455 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. Current upside movement is short term trend correction only.
- Today Australia released meeting minutes and HPI data.
- Australia’s HPI fell to -0.2% q/q vs 0.2% q/q previous release.
- RBA minutes: Board judged leaving rates steady at June 7 meeting was consistent with sustainable growth.
- RBA minutes: Low interest rates and weaker A$ since 2013 helped support above potential growth in Q1.
- RBA minutes: Growth in household disposable income had been stronger than measures of income growth for overall economy.
We prefer to take short position in AUD/NZD around 1.0525, stop loss 1.0572 and target 1.0416/ 1.0374 levels.
