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3 Apr 2014
AUD/NZD tipping to the downside
FXStreet (Guatemala) - Currently, AUD/NZD is trading at 1.0773, down -0.24% on the day, having posted a daily high at 1.0803 and low at 1.0759. The pair is weighted down by the AUD taking a beating from heavy supply.
AUD/NZD data
Retail Sales from Australia read lower than consensus today at 0.2% vs 0.3% and 1.2% previous. Trade balance was better than expected at 1200M vs 850M consensuses.
AUD still top of the league?
However, earlier and only sessions ago, as pointed put by the BNZ research team, we had been seeing other Australian data print strongly. “The AUD was supported by stellar retail sales, employment, and export data outturns over the month of March, and the RBA’s apparent unwillingness to stand in its way has emboldened its buyers. Also, the RBA declined to talk the AUD lower, leaving the currency atop the league table.
The NZD is still underpinned by a hawkish out look from the RBNZ.
AUD/NZD Levels
Current price is 1.0776, with resistance ahead at 1.0777 (Hourly 20 EMA), 1.0791 (Daily Open), 1.0800 (Monthly High), 1.0800 (Weekly High) and 1.0803 (Daily High). Next support to the downside can be found at 1.0767 (Daily Classic R2), 1.0759 (Daily Low), 1.0747 (Weekly Classic R1), 1.0736 (Daily Classic R1) and 1.0701 (Hourly 100 SMA). Looking at price patterns, we can see a Dark Cloud Cover 4-hour candlestick formation.
AUD/NZD data
Retail Sales from Australia read lower than consensus today at 0.2% vs 0.3% and 1.2% previous. Trade balance was better than expected at 1200M vs 850M consensuses.
AUD still top of the league?
However, earlier and only sessions ago, as pointed put by the BNZ research team, we had been seeing other Australian data print strongly. “The AUD was supported by stellar retail sales, employment, and export data outturns over the month of March, and the RBA’s apparent unwillingness to stand in its way has emboldened its buyers. Also, the RBA declined to talk the AUD lower, leaving the currency atop the league table.
The NZD is still underpinned by a hawkish out look from the RBNZ.
AUD/NZD Levels
Current price is 1.0776, with resistance ahead at 1.0777 (Hourly 20 EMA), 1.0791 (Daily Open), 1.0800 (Monthly High), 1.0800 (Weekly High) and 1.0803 (Daily High). Next support to the downside can be found at 1.0767 (Daily Classic R2), 1.0759 (Daily Low), 1.0747 (Weekly Classic R1), 1.0736 (Daily Classic R1) and 1.0701 (Hourly 100 SMA). Looking at price patterns, we can see a Dark Cloud Cover 4-hour candlestick formation.