2 Jul 2013
AUD/NZD frozen above 1.18 ahead of RBA
FXstreet.com (Barcelona) - Few hours away from key risk event of the day for the Aussie, the RBA meeting, the AUD/NZD cross is last trading at 1.1809 bids, totally unchanged for the week so far, reflecting the uncertainty surrounding market participants.
Tightening trading range ahead of RBA decision
The cross has been capped for four times already this week below the 1.1835 ask line, while weekly lows were printed Monday at 1.1784, slowing down the average daily volatility in the cross that had reached fresh multi-year highs by end last month above the 100 pips per day.
Key technical levels
Immediate support to the downside for AUD/NZD lies at NY session/Friday's lows 1.1793, followed by Monday's weekly lows at 1.1785, and June 19 lows at 1.1741. To the upside, closest resistance shows at mentioned weekly highs 1.1835, followed by Thursday's lows at 1.1855, and Wednesday's lows at 1.1880.
Tightening trading range ahead of RBA decision
The cross has been capped for four times already this week below the 1.1835 ask line, while weekly lows were printed Monday at 1.1784, slowing down the average daily volatility in the cross that had reached fresh multi-year highs by end last month above the 100 pips per day.
Key technical levels
Immediate support to the downside for AUD/NZD lies at NY session/Friday's lows 1.1793, followed by Monday's weekly lows at 1.1785, and June 19 lows at 1.1741. To the upside, closest resistance shows at mentioned weekly highs 1.1835, followed by Thursday's lows at 1.1855, and Wednesday's lows at 1.1880.