FxWirePro: Kiwi falls on the back of lower than expected trade balance data, Australia’s CPI in focus
AUD/NZD is trading around 1.1243 marks. Pair made intraday high at 1.1244 and low at 1.1218 marks. New Zealand’s monthly trade surplus contracted from a revised $367 million in February to $117 million last month, coming…
Pair made intraday high at 1.1244 and low at 1.1218 marks.
New Zealand’s monthly trade surplus contracted from a revised $367 million in February to $117 million last month, coming in much weaker than the median analyst forecast of a surplus worth $400 million.
Intraday bias remains bullish till the time pair holds immediate support at 1.1188 marks.
A sustained close above 1.1248 will drag the parity higher towards 1.1298/1.1317/1.1352/1.1590 levels.
A daily close below 1.1209 will take the parity down towards 1.1146/1.1062/1.1016/ 1.0934 marks.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.
Australia will release CPI data at 0130 GMT. The market forecast of a 0.3% reading in the CPI over the March quarter vs 0.4% previous release.
We prefer to take long position in AUD/NZD around 1.12, stop loss 1.1146 and target 1.1298 marks.
