FxWirePro: Kiwi falls against major peers on the back of lower than expected NZIER business confidence data
AUD/NZD is trading around 1.1147 marks. Pair made intraday high at 1.1197 and low at 1.1118 marks. Today NZIER disclosed that a net 2% of businesses were optimistic about the outlook for the economy last quarter, down fr…
Pair made intraday high at 1.1197 and low at 1.1118 marks.
Today NZIER disclosed that a net 2% of businesses were optimistic about the outlook for the economy last quarter, down from a net 15% in the previous quarter.
Lower business confidence data increases the risk of a follow-up interest rate cut from the RBNZ in April.
In addition, Australia’s Services index falls to 49.5 m/m vs 51.8 m/m previous release.
Intraday bias remains bullish for the moment.
Pair fails to sustain below 1.11 marks and remains supported above it.
A daily close below 1.1074 will take the parity down towards 1.1016/ 1.0934 marks.
On the other side, a sustained close above key resistance at 1.1123 will drag the parity up towards 1.1298/1.1352/1.1590 marks.
Important to note here that, overall trend remains bullish as 20D, 30D and 55D EMA heads up in daily chart and confirms bullish trend.
We prefer to take long position in AUD/NZD around 1.1140, stop loss 1.1074 and target 1.1228/1.1298 marks.
