4 Aug 2015
AUD/NZD near 1.12 handle after RBA statement
FXStreet (Mumbai) - The AUD/NZD pair is trading around 1.1180; its highest since July 24 after the RBA statement showed a major change in the bank’s view on the AUD exchange rate.
AUD responding to declines in commodity prices – RBA
The central bank no longer believes that a further depreciation in the AUD is both necessary and likely. The view was intact till June meeting and was quite successful in leading the exchange rate lower. However, the July statement released today showed the bank now believes "the Australian dollar is adjusting to the significant declines in key commodity prices".
Consequently, the buying interest in the Aussie spiked, taking the AUD/NZD near 1.12 handle. The pair appears poised for the fourth consecutive day of gains.
AUD/NZD Technical Levels
The immediate resistance is seen at 1.12 handle, followed by another resistance at 1.1236 (July 21 high). On the other hand, support is seen at 1.1132 (June 29 low) and 1.1065 (50-DMA).
AUD responding to declines in commodity prices – RBA
The central bank no longer believes that a further depreciation in the AUD is both necessary and likely. The view was intact till June meeting and was quite successful in leading the exchange rate lower. However, the July statement released today showed the bank now believes "the Australian dollar is adjusting to the significant declines in key commodity prices".
Consequently, the buying interest in the Aussie spiked, taking the AUD/NZD near 1.12 handle. The pair appears poised for the fourth consecutive day of gains.
AUD/NZD Technical Levels
The immediate resistance is seen at 1.12 handle, followed by another resistance at 1.1236 (July 21 high). On the other hand, support is seen at 1.1132 (June 29 low) and 1.1065 (50-DMA).