20 Jan 2015
AUD/NZD tests 50-DMA
FXStreet (Mumbai) - A slightly upbeat China data released today, pushed the AUD/NZD pair higher to the 50-DMA located at 1.0603 levels.
The pair currently hovers around 1.0603 levels; up 0.50% for the day. Moreover, the Aussie outperformed the Kiwi after the data in China showed fourth quarter GDP at 7.3%, Industrial production at 7.9% in December. Both the data beat market expectations, despite which the AUD/USD and the NZD/USD pair fell into losses, since the full year Chinese GDP printed at 7.4%, its slowest rate in 24 years.
However, the NZD/USD pair fell 0.60% despite the release of strong business confidence from New Zealand. Meanwhile, the AUD/USD is relatively resilient; down 0.17% so far. Consequently, the AUD/NZD cross shot up to test the 50-DMA located at 1.0603 levels.
AUD/NZD Technical Levels
The gains could be extended to 1.0636, if the pair manages to sustain above 50-DMA located at 1.0603. Meanwhile, a break below 1.0603 shall open doors for a re-test of 1.0582 levels.
The pair currently hovers around 1.0603 levels; up 0.50% for the day. Moreover, the Aussie outperformed the Kiwi after the data in China showed fourth quarter GDP at 7.3%, Industrial production at 7.9% in December. Both the data beat market expectations, despite which the AUD/USD and the NZD/USD pair fell into losses, since the full year Chinese GDP printed at 7.4%, its slowest rate in 24 years.
However, the NZD/USD pair fell 0.60% despite the release of strong business confidence from New Zealand. Meanwhile, the AUD/USD is relatively resilient; down 0.17% so far. Consequently, the AUD/NZD cross shot up to test the 50-DMA located at 1.0603 levels.
AUD/NZD Technical Levels
The gains could be extended to 1.0636, if the pair manages to sustain above 50-DMA located at 1.0603. Meanwhile, a break below 1.0603 shall open doors for a re-test of 1.0582 levels.