31 Jul 2013
AUD/NZD tumbling to four-year lows
FXstreet.com (Chicago) - AUD/NZD continued precipitous descend as pair reached 1.1334 four-year lows.
The Aussie plummeted against the New Zealand dollar on aftermath of Australian Central Bank remarks earlier this week. Price action indicated strong bearish bias as pair broke below 1.140 initially set support after clear head and shoulders pattern failed to indicate trend reversal.
The FXstreet trend index confirmed slightly bearish momentum as pair traded below 1.1370 - sequence of highs last US session - 1.1390/1400 - July 25 swing low - and 1.1430/40 – July 19 lows. The price was below MA5, MA20 and SMA200, consolidating Aussie’s downfall. The Momentum (10) indicator pointed down along a CCI indicating bearish trend continuation.
Market participants await money supply and private sector data for Australia to be released later in the day.
The Aussie plummeted against the New Zealand dollar on aftermath of Australian Central Bank remarks earlier this week. Price action indicated strong bearish bias as pair broke below 1.140 initially set support after clear head and shoulders pattern failed to indicate trend reversal.
The FXstreet trend index confirmed slightly bearish momentum as pair traded below 1.1370 - sequence of highs last US session - 1.1390/1400 - July 25 swing low - and 1.1430/40 – July 19 lows. The price was below MA5, MA20 and SMA200, consolidating Aussie’s downfall. The Momentum (10) indicator pointed down along a CCI indicating bearish trend continuation.
Market participants await money supply and private sector data for Australia to be released later in the day.