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FxWirePro: Kiwi falls in early as GDP data misses expectations

AUD/NZD is currently trading around 1.0760 marks. Pair made intraday high at 1.0783 and low at 1.0739 marks. Intraday bias remains bullish till the time pair holds key support at 1.0700 mark. A sustained close above 1.07…

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FxWirePro: Kiwi falls in early as GDP data misses expectations
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  • AUD/NZD is currently trading around 1.0760 marks.
     
  • Pair made intraday high at 1.0783 and low at 1.0739 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 1.0700 mark.
     
  • A sustained close above 1.0742 will drag the parity higher towards key resistances at 1.0826/1.0945/1.1072/1.1113/1.1163/1.1238 levels respectively.
     
  • Alternatively, a daily close below 1.0742 will take the parity down towards key supports around 1.0704/1.0654/1.0550/1.0443 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
     
  • New Zealand Q4 GDP production Q/Q stays flat at 0.6 % (forecast 0.7 %) vs previous 0.6 %.
     
  • Australia's S&P/ASX 200 index down 0.27 pct at 5,919.30 points in early trade.

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