- AUD/NZD rebounded from multi-month lows at 1.0633 hit on Oct 16th, hit session highs at 1.0801
- But price action was rejected at highs and the pair has edged below 200 DMA at 1.0761 and is currently trading at 1.0734
- Drop in dairy prices at the recent Fonterra’s auction refuels RBNZ rate cut bets next week
- Kiwi deals with another blow on the day after Fitch lowered Fonterra’s senior unsecured rating and long-term issuer default rating to A from AA-
- On the other hand, Aussie remains underpinned by the latest RBA minutes which sounded upbeat on the Australian economic prospects
- Immediate resistance for AUD/NZD is located at 1.0761 (200 DMA) ahead of 1.0797 (10 DMA), while support on the downside lies at 1.0724 (Hourly 55 EMA)
Resistance Levels:R1: 1.0761 (200 DMA) R2: 1.0797 (10 DMA)R3: 1.0808 (Daily Tenkan)Support Levels:S1: 1.0724 (Hourly 55 EMA)S2: 1.0710 (June 10 low)S3: 1.0650 (Trendline support)
The material has been provided by InstaForex Company – www.instaforex.com