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6 Jun 2014
AUD/NZD oscillating below 1.10 handle
FXStreet (Guatemala) - AUD/NZD is trading at 1.0989, up 0.01% on the day, having posted a daily high at 1.0998 and low at 1.0982.
AUD/NZD is having a hard time of breaking the 50% fib from oct-jan fall. Markets still seem too ready to price in an RBA tightening cycle in H1 2014, and less inclined to take into account a continued decline in AU terms of trade. Meanwhile, NZ-AU interest rate differentials, which the cross tends to follow closely are expected widen in NZ’s favour through the year as the RBNZ continues to hike rates. As such, a rebound in the NZD would be the outcome as pointed out by currency Strategist Raiko Shareef at BNZ.
AUD/NZD Levels
Spot is presently trading at 1.0991, and next resistance can be seen at 1.0995 (Hourly 20 EMA), 1.0998 (Daily High), 1.1008 (Daily Classic PP), 1.1014 (Monthly High) and 1.1014 (Weekly High). Next support to the downside can be found at 1.0990 (YTD High), 1.0987 (Daily Open), 1.0985 (Daily 200 SMA), 1.0982 (Daily Low) and 1.0976 (Hourly 100 SMA).
AUD/NZD is having a hard time of breaking the 50% fib from oct-jan fall. Markets still seem too ready to price in an RBA tightening cycle in H1 2014, and less inclined to take into account a continued decline in AU terms of trade. Meanwhile, NZ-AU interest rate differentials, which the cross tends to follow closely are expected widen in NZ’s favour through the year as the RBNZ continues to hike rates. As such, a rebound in the NZD would be the outcome as pointed out by currency Strategist Raiko Shareef at BNZ.
AUD/NZD Levels
Spot is presently trading at 1.0991, and next resistance can be seen at 1.0995 (Hourly 20 EMA), 1.0998 (Daily High), 1.1008 (Daily Classic PP), 1.1014 (Monthly High) and 1.1014 (Weekly High). Next support to the downside can be found at 1.0990 (YTD High), 1.0987 (Daily Open), 1.0985 (Daily 200 SMA), 1.0982 (Daily Low) and 1.0976 (Hourly 100 SMA).