FxWirePro: Aussie slightly lower ahead of Australia’s business confidence, China’s CPI data
AUD/NZD is currently trading around 1.0697 marks. Pair made intraday high at 1.0720 and low at 1.0693 marks. Intraday bias remains bearish till the time pair holds key resistance at 1.0754 levels. In addition, a sustaine…
Pair made intraday high at 1.0720 and low at 1.0693 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1.0754 levels.
In addition, a sustained close above 1.0727 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA) /1.1123/1.1298/1.1317 levels respectively.
Alternatively, reversal from key resistance will take the parity down towards key supports around 1.0655, 1.0497, 1.0450, 1.0420, 1.0315(May 05, 2015 low), 1.0261 and 1.0109 marks respectively.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
Australia will release NAB business confidence data and China will release CPI data at 0130 GMT. Both data will provide further directions to the parity.
