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10 Jun 2014
AUD/NZD losing 1.10 handle
FXStreet (Guatemala) - AUD/NZD is trading at 1.0996, down -0.15% on the day, having posted a daily high at 1.1029 and low at 1.0990.
Analysts at RBS explained that they are less confident than the market that RBNZ will raise rats this week so they like long AUD/NZD into the decision. Meanwhile RBS G10 FX Trade of the Week is a Long AUD/USD trade with a recovering US economy, a pro-cyclical easing in Europe and stronger China export data play positive for the commodity currencies.
Rates in Australia holding until…
Strategists at NAB explained their views here. The “business confidence survived the government’s ‘tough budget’ intact, but business conditions eased again (reflecting sales). Employment and profits were steady at soft levels. Conditions are mixed across industries, but are generally negative outside of services: ‘bellwether’ sectors (wholesale, transport) still soft, but forward orders bounced-back from last month’s drop. Inflation pressures muted, including lower retail prices, allowing the RBA to maintain accommodative policy. NAB forecasts marginally higher with unemployment to reach 6¼% by late 2014. Rate rises not till late 2015.
AUD/NZD Levels
Current price is 1.0997, with resistance ahead at 1.1001 (Hourly 20 EMA), 1.1008 (Daily Classic R1), 1.1014 (Daily Open), (Monthly High), (Weekly High). Next support to the downside can be found at 1.0996 (Hourly 100 SMA), 1.0990 (Daily Low), 1.0980 (Weekly Classic PP), 1.0980 (Daily 200 SMA) and 1.0973 (Daily Classic PP).
Analysts at RBS explained that they are less confident than the market that RBNZ will raise rats this week so they like long AUD/NZD into the decision. Meanwhile RBS G10 FX Trade of the Week is a Long AUD/USD trade with a recovering US economy, a pro-cyclical easing in Europe and stronger China export data play positive for the commodity currencies.
Rates in Australia holding until…
Strategists at NAB explained their views here. The “business confidence survived the government’s ‘tough budget’ intact, but business conditions eased again (reflecting sales). Employment and profits were steady at soft levels. Conditions are mixed across industries, but are generally negative outside of services: ‘bellwether’ sectors (wholesale, transport) still soft, but forward orders bounced-back from last month’s drop. Inflation pressures muted, including lower retail prices, allowing the RBA to maintain accommodative policy. NAB forecasts marginally higher with unemployment to reach 6¼% by late 2014. Rate rises not till late 2015.
AUD/NZD Levels
Current price is 1.0997, with resistance ahead at 1.1001 (Hourly 20 EMA), 1.1008 (Daily Classic R1), 1.1014 (Daily Open), (Monthly High), (Weekly High). Next support to the downside can be found at 1.0996 (Hourly 100 SMA), 1.0990 (Daily Low), 1.0980 (Weekly Classic PP), 1.0980 (Daily 200 SMA) and 1.0973 (Daily Classic PP).