FxWirePro: Kiwi falls in early hours despite higher than expected business manufacturing index data

• AUD/NZD is trading around 1.0468 marks.
   
• Pair made intraday high at 1.0475 and low at 1.0440 marks.
   
• Intraday bias remains neutral till the time pair holds initial resistance at 1.0468 marks.
   
• On the top side, a sustained close above 1.0547 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.
   
• Alternatively, a daily close below 1.0447 will take the parity down towards key supports around 1.0408, 1.0362 and 1.0231 marks respectively.
   
• Today New Zealand released business manufacturing index data with positive numbers at 57.1 m/m vs 56.6 (revised from 56.5) m/m previous release.
   
• 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.

We prefer to take long position in AUD/NZD only above 1.0472, stop loss 1.0416 and target 1.0527 levels.