4 Dec 2014
AUD/NZD rallies post Aussie data capped
FXStreet (Guatemala) - AUD/NZD is trading at 1.0841, up 0.12% on the day, having posted a daily high at 1.0857 and low at 1.0820.
AUD/NZD gave further evidence of resilience when the Australian trade figures were released along with an improvement vs consensus on the retails sales for October. The trade balance read at -1323m vs -1,900m expected and previous -2235m. Retails sales in October picked up at 0.4% vs consensus of just 0.0% but lower than previous 1.3% month on month.
The cross has been supported on 1.0820 from bouts of supply earlier after a rally on the European session from below the 1.08 handle when it achieved lofty levels at 1.0860 and completed an 80 pip gain despite the negativity surrounding the Aussie dollar this week.However, it is stalling ahead of 1.0869 (Daily Classic R1) and 1.0873 (Hourly 200 SMA) and lacks conviction.
AUD/NZD gave further evidence of resilience when the Australian trade figures were released along with an improvement vs consensus on the retails sales for October. The trade balance read at -1323m vs -1,900m expected and previous -2235m. Retails sales in October picked up at 0.4% vs consensus of just 0.0% but lower than previous 1.3% month on month.
The cross has been supported on 1.0820 from bouts of supply earlier after a rally on the European session from below the 1.08 handle when it achieved lofty levels at 1.0860 and completed an 80 pip gain despite the negativity surrounding the Aussie dollar this week.However, it is stalling ahead of 1.0869 (Daily Classic R1) and 1.0873 (Hourly 200 SMA) and lacks conviction.