- Another choppy trading session for the antipodeans, with sentiment remaining brittle amid concerns over China’s economy
- NZ trade data beat forecasts (Tuesday), posted a smaller-than-expected monthly trade deficit in July, while dairy exports rose for the first time in 11 months
- Data boosted NZD, relative outperformance vs AUD pushed cross sub-1.10 to 1.0950 base
- Price action in the pair was rejected at highs by 1.1421 on Monday, reinforcing downward bias, trades currently below daily cloud, Daily Stochs show bearish crossover
- AUD/NZD edges lower on the day, currently at 1.0981, day’s range 1.1030/1.0958, immediate support is seen at 1.0912 (Daily Low Aug 24) and resistance at 1.10 (cloud base)
Resistance Levels:R1: 1.1302 (Session high Aug 14)R2: 1.1317 (Session high August 5)R3: 1.1377 (Session high July 16)Support Levels:S1: 1.0912 (Daily Low Aug 24)S2: 1.0901 (Session low July 29)S3: 1.0790 (Session low June 11)
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