19 Jun 2015
AUD/NZD choppy having reached key resistance
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.1249 with a high of 1.1269 and a low of 1.1245.
We have some choppy action in the cross with a bullish bias still recovering from 1.1236 and capped at 1.1268. We have moved in to consolidation of yesterday's bullish trend that was capped at 1.1285 and this was the height of April's run up from close to parity and the yearly lows if we look back. The cross has been subject to a number of fundamentals in NZ that is weighing on the bird, from dairy prices and of course to the surprise cut of the OCR from the RBNZ last week. Most recently, the bird was kicked in to touch with yesterday's misses in the GDP expectations coming in far worse.
Technically, we still have 1.1280 resistance as the major barrier while just recently we have turned south from the 31st Oct monthly stick's highs at 1.1284. Meanwhile, a continued favouritism to the Aussie leaves the Kiwi vulnerable and a break of the October hammer reveals the 1.14 psychological level as next target on the bulls map.
We have some choppy action in the cross with a bullish bias still recovering from 1.1236 and capped at 1.1268. We have moved in to consolidation of yesterday's bullish trend that was capped at 1.1285 and this was the height of April's run up from close to parity and the yearly lows if we look back. The cross has been subject to a number of fundamentals in NZ that is weighing on the bird, from dairy prices and of course to the surprise cut of the OCR from the RBNZ last week. Most recently, the bird was kicked in to touch with yesterday's misses in the GDP expectations coming in far worse.
Technically, we still have 1.1280 resistance as the major barrier while just recently we have turned south from the 31st Oct monthly stick's highs at 1.1284. Meanwhile, a continued favouritism to the Aussie leaves the Kiwi vulnerable and a break of the October hammer reveals the 1.14 psychological level as next target on the bulls map.