11 Jul 2014
AUD/NZD finding a base - Oversold?
FXStreet (Guatemala) - AUD/NZD is trading at 1.0648, up 0.01% on the day, having posted a daily high at 1.0654 and low at 1.0644.
AUD/NZD has formed a base here at the end of the week and after a series of down days. Could this be the low for the time being? Sean Callow, analyst at Westpac Banking Corporation ABN reminded us that the RBNZ’s still-hawkish statement in June punctured the multi-week AUD/NZD upswing, later extended by some soft Australian data and reconsideration of the RBA policy outlook. “However, we still expect the RBA’s next move to be a hike, while the kiwi should come under pressure on or before 24 July when the RBNZ should hike but indicate a pause. Softer dairy prices should also weigh…with 1.0900 the likely top of the range multi-week”.
AUD/NZD Levels
Spot is presently trading at 1.0650, and next resistance can be seen at 1.0651 (Hourly 20 EMA), 1.0654 (Daily High), 1.0679 (Daily Classic PP), 1.0687 (Hourly 100 SMA) and 1.0697 (Daily Classic R1). Next support to the downside can be found at 1.0650 (Daily Open), 1.0649 (Monthly Low), (Weekly Low), 1.0648 (Daily Classic S1) and 1.0644 (Daily Low).
AUD/NZD has formed a base here at the end of the week and after a series of down days. Could this be the low for the time being? Sean Callow, analyst at Westpac Banking Corporation ABN reminded us that the RBNZ’s still-hawkish statement in June punctured the multi-week AUD/NZD upswing, later extended by some soft Australian data and reconsideration of the RBA policy outlook. “However, we still expect the RBA’s next move to be a hike, while the kiwi should come under pressure on or before 24 July when the RBNZ should hike but indicate a pause. Softer dairy prices should also weigh…with 1.0900 the likely top of the range multi-week”.
AUD/NZD Levels
Spot is presently trading at 1.0650, and next resistance can be seen at 1.0651 (Hourly 20 EMA), 1.0654 (Daily High), 1.0679 (Daily Classic PP), 1.0687 (Hourly 100 SMA) and 1.0697 (Daily Classic R1). Next support to the downside can be found at 1.0650 (Daily Open), 1.0649 (Monthly Low), (Weekly Low), 1.0648 (Daily Classic S1) and 1.0644 (Daily Low).