13 Jan 2015
AUD/NZD bid and moving back away from parity territory
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0497 having made a high of 1.0501 and a low of 1.0475.
AUD/NZD has been resting up in a phase of consolidation after the bullish opening gap overnight that took the pair through the 1.0480 resistance and way on to the 1.05 handle capped at 1.0520 resistance. The Kiwi has been the better performer on the daily charts but is making hard work of further the downside through the 1.04 handle. to the upside, 1.0570/80 would need to be overcome for there to be further upside potential but with risk events ahead such as from Australia's job report, it is unlikely that events nor impetus will come ahead of that data unless we are seeing a surprise to the downside in the NZ REINZ housing data later today.
Meanwhile, many analysts are predicting parity in the pair on the basis of the divergencies between the two governing central banks and their policies. A drop in commodities is hitting the Aussie the hardest. Meanwhile, the housing market in NZ remains strong and favours rate hikes later this year where the RBA have been expected to cut.
AUD/NZD has been resting up in a phase of consolidation after the bullish opening gap overnight that took the pair through the 1.0480 resistance and way on to the 1.05 handle capped at 1.0520 resistance. The Kiwi has been the better performer on the daily charts but is making hard work of further the downside through the 1.04 handle. to the upside, 1.0570/80 would need to be overcome for there to be further upside potential but with risk events ahead such as from Australia's job report, it is unlikely that events nor impetus will come ahead of that data unless we are seeing a surprise to the downside in the NZ REINZ housing data later today.
Meanwhile, many analysts are predicting parity in the pair on the basis of the divergencies between the two governing central banks and their policies. A drop in commodities is hitting the Aussie the hardest. Meanwhile, the housing market in NZ remains strong and favours rate hikes later this year where the RBA have been expected to cut.