- AUD/NZD is trading around 1.0531 marks.
- Pair made intraday high at 1.0544 and low at 1.0493 marks.
- Intraday bias remains bullish till the time pair holds initial support at 1.0496 marks.
- A sustained close above 1.0571 is required to drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D
EMA)/1.1123/1.1298/1.1317 levels respectively.
- Alternatively, a daily close below 1.0442 will take the parity down towards key supports around 1.0362 and 1.0231 marks respectively.
- Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. Current upside movement is short term trend correction only.
- Today Australia released Westpac consumer sentiment data. It decreases to -1.0% m/m vs 8.5% m/m previous release.
- On the other side, New Zealand’s current account surplus rose to $1.31B m/m vs -$2.89B m/m (revised from $-2.61B) previous release.
We prefer to take short position in AUD/NZD around 1.0560, stop loss 1.0647 and target 1.0496/ 1.0442 levels.
The material has been provided by InstaForex Company – www.instaforex.com