FxWirePro: Kiwi falls in early hours of Asia after labour cost index data
AUD/NZD is currently trading around 1.0531 marks. Pair made intraday high at 1.0547 and low at 1.0497 marks. Intraday bias remains bullish till the time pair holds key support at 1.0450 levels. On the top side, a sustain…
Pair made intraday high at 1.0547 and low at 1.0497 marks.
Intraday bias remains bullish till the time pair holds key support at 1.0450 levels.
On the top side, a sustained close above 1.0557 will drag the parity higher towards 1.0623/1.0727/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298 and 1.1317 levels respectively.
Alternatively, a sustained break below 1.0450 mark will take the parity down towards key supports around 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.
New Zealand commodity price index +2.0 percent m/m in July vs +3.7 percent previous release - ANZ BANK.
In addition, New Zealand’s labour cost index released with the flat numbers at 0.4 percent Q/Q. It increases speculation that the RBNZ may extend its easing cycle.
Australia’s July AIG services index increase to 53.9 vs previous 51.3.
