- AUD/NZD is trading around 1.0496 marks.
- Pair made intraday high at 1.0498 and low at 1.0445 marks.
- Intraday bias remains neutral till the time pair holds initial resistance 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.
- On the other side, 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 NAB business confidence data. It fell from 5 in April to 3 last month, while the NAB Business Conditions index held steady at 10 vs 9 previous release.
- On the other side, New Zealand’s food and beverage prices fell in May to -0.5% m/m vs 0.3% previous release.
We prefer to take long position in AUD/NZD only above 1.0496, stop loss 1.0442 and target 1.0571/1.0647 levels.
The material has been provided by InstaForex Company – www.instaforex.com