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- 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, ‘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.
