6 Sep 2013
AUD/NZD eases below 1.16 again on Aussie weakness
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is currently trading at 1.1571 bids off day lows at 1.1542, a -0.26% lower from previous open in the Asia-Pacific yesterday but still a +0.53% higher for the week so far, retracing from Wednesday's fresh 6-week highs at 1.1663 printed on Aussie strength.
AUD/NZD likely capped below 1.16 for now
The AUD/NZD cross is last pull backing a potential neck line broken to the downside in early NY trade of a short term head and shoulders reversal pattern with mentioned neck line at around the 1.1585 level. Friday session today is expected to be quiet in the Asia-Pacific with only Australia AIG construction index to be released at 23:30 GMT ahead of later on US NFP at 12:30 GMT which would not impact much on the cross as it does not have USD exposure.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at current session highs 1.1586, followed by August 23/26 highs at 1.1604/09, and yesterdays/Tuesday's highs (left and right shoulders respectively of mentioned h&s pattern) at 1.1631/35. To the downside, closest support lies at recent session lows/Monday's highs 1.1551/44, followed by August 29 highs at 1.1526, and Monday's weekly lows at 1.1472.
AUD/NZD likely capped below 1.16 for now
The AUD/NZD cross is last pull backing a potential neck line broken to the downside in early NY trade of a short term head and shoulders reversal pattern with mentioned neck line at around the 1.1585 level. Friday session today is expected to be quiet in the Asia-Pacific with only Australia AIG construction index to be released at 23:30 GMT ahead of later on US NFP at 12:30 GMT which would not impact much on the cross as it does not have USD exposure.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at current session highs 1.1586, followed by August 23/26 highs at 1.1604/09, and yesterdays/Tuesday's highs (left and right shoulders respectively of mentioned h&s pattern) at 1.1631/35. To the downside, closest support lies at recent session lows/Monday's highs 1.1551/44, followed by August 29 highs at 1.1526, and Monday's weekly lows at 1.1472.