AUD/NZD retreats from 2-month highs, keeps bullish bias

FXStreet (Córdoba) – AUD/NZD is having toward the worst day in weeks but still holds a bullish tone. Yesterday it reached at 1.1087, the strengths level in two months. Today it rose to test the highs but failed to break higher and retreated. The decline from the highs found support at 1.1020 and currently is trading at 1.1025.

So far during November it has risen more than 500 pips and the price is holding above the 100-day MA that stands at 1.1000. To the upside, around 1.1090 – 1.1100 a strong resistance could be seen, that is capping the current rally.

Data ahead

After Wall Street closes, at 22:45 GMT, the October trade balance report from New Zealand will be released, an increase in the exports and imports is expected. Later, at 01:30 GMT in Australia, it will be the turn of the private capital expenditure numbers of the third quarter ahead of next week RBA decision.

AUD/NZD is having toward the worst day in weeks but still holds a bullish tone. Yesterday it reached at 1.1087, the strengths level in two months. Today it rose to test the highs but failed to break higher and retreated. The decline from the highs found support at 1.1020 and currently is trading at 1.1025.


(Market News Provided by FXstreet)