FxWirePro: Kiwi hits fresh 13 –month high against Aussie, intraday bias remains bearish
AUD/NZD is trading around 1.0440 marks. Pair made intraday high at 1.0468 and low at 1.0414 marks. Intraday bias remains bearish till the time pair holds key resistance at 1.0571 marks. A sustained close above 1.0571 wil…
Pair made intraday high at 1.0468 and low at 1.0414 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1.0571 marks.
A sustained close above 1.0571 will 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.
On the other side, a daily close below 1.0454 will take the parity down towards key supports around 1.0362 and 1.0231 marks respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
Yesterday RBNZ kept the Official Cash Rate on hold at 2.25%.
Today New Zealand’s retail card spending fell to 0.3% in May vs 0.8% m/m previous release.
We prefer to take short position in AUD/NZD only below 1.0421, stop loss 1.0498 and target 1.0362/ 1.0343 levels.
