FxWirePro: Kiwi hits fresh 7 –month high against Aussie as RBNZ stands pat
AUD/NZD is trading around 1.0512 marks. Pair made intraday high at 1.0633 and low at 1.0498 marks. Today The Reserve Bank of New Zealand kept the Official Cash Rate on hold at 2.25%. RBNZ Governor Graeme Wheeler said, ‘F…
Pair made intraday high at 1.0633 and low at 1.0498 marks.
Today The Reserve Bank of New Zealand kept the Official Cash Rate on hold at 2.25%.
RBNZ Governor Graeme Wheeler said, ‘Further policy easing may be required to ensure that future average inflation settles near the middle of the target range’.
Intraday bias remains bearish till the time pair holds key resistance at 1.0716 marks.
A sustained close above 1.0647 will drag the parity higher towards 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 1.0496 (October 10, 2015 low) will take the parity down towards key supports around 1.0456, 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.
We prefer to take short position in AUD/NZD only below 1.0496, stop loss 1.0647 and target 1.0428/ 1.0362 levels.
