14 Apr 2014
AUD/NZD major risk event is RBA
FXStreet (Guatemala) - Currently, AUD/NZD is trading at 1.0829, up 0.16% on the day, having posted a daily high at 1.0833 and low at 1.0799.
AUD/NZD support around the 1.08 handle from demand seen last week, consecutively Wednesday and Thursday, could be tested on Chinese fundamentals that are weighing on the Australian economy and currency. However, the main event for the AUD this week is of course the RBA policy minutes and strategists at RBS explained, “The message from its statements is that it is firmly on hold for the foreseeable future, making a virtue of a stable policy outlook helping underpin economic confidence”, adding, “However, the RBA would still much prefer a lower AUD to support investment outside the property sector. As such, we may see more concern in the minutes this week regarding the recent run-up in the AUD”.
AUD/NZD Levels
Current price is 1.0832, with resistance ahead at 1.0833 (Daily High), 1.0842 (Monthly High), 1.0842 (Weekly High), 1.0851 (Daily Classic R1) and 1.0864 (Yesterday's High). Next support to the downside can be found at 1.0827 (Daily Classic PP), 1.0825 (Hourly 20 EMA), 1.0814 (Daily Open), 1.0804 (Weekly ClassicPP) and 1.0804 (Yesterday's Low).
AUD/NZD support around the 1.08 handle from demand seen last week, consecutively Wednesday and Thursday, could be tested on Chinese fundamentals that are weighing on the Australian economy and currency. However, the main event for the AUD this week is of course the RBA policy minutes and strategists at RBS explained, “The message from its statements is that it is firmly on hold for the foreseeable future, making a virtue of a stable policy outlook helping underpin economic confidence”, adding, “However, the RBA would still much prefer a lower AUD to support investment outside the property sector. As such, we may see more concern in the minutes this week regarding the recent run-up in the AUD”.
AUD/NZD Levels
Current price is 1.0832, with resistance ahead at 1.0833 (Daily High), 1.0842 (Monthly High), 1.0842 (Weekly High), 1.0851 (Daily Classic R1) and 1.0864 (Yesterday's High). Next support to the downside can be found at 1.0827 (Daily Classic PP), 1.0825 (Hourly 20 EMA), 1.0814 (Daily Open), 1.0804 (Weekly ClassicPP) and 1.0804 (Yesterday's Low).