- AUD/NZD is currently trading around 1.1212 levels.
- Pair made intraday high at 1.1232 and low at 1.1174 marks.
- The Westpac Consumer Sentiment index fell 1% to 109.6 points in the March quarter from 110.7 in the previous quarter.
- In addition, most economists are anticipating at least one more rate cut from the RBNZ this year, possibly as soon as next month.
- Intraday bias remains bullish for the moment.
- Pair fails to fall below key support at 1.1148 and dragged the parity up above 1.1200 levels.
- A daily close below 1.1148 will take the parity down towards 1.10 marks.
- Initial support levels are seen at 1.1148, 1.1064 and 1.0932 levels thereafter.
- Alternatively, reversal from key support suggests upside correction and will take the parity up towards key resistance levels around 1.1298/ 1.1317 levels thereafter.
- A daily close above key resistance at 1.1298 will drag the parity towards 1.1590 marks.
We prefer to take long position in AUD/NZD around 1.1200, stop loss 1.1148 and target 1.1260/ 1.1298 marks.
