21 Aug 2013
AUD/NZD hanging on to 1.1370 zone
FXstreet.com (Chicago) - AUD/NZD plunged to 1.1351 zone to quickly spike above 1.1400 and retreat back to 1.1370 zone on high volatility price action after visitor arrivals results in NZ failed short to meet expectations by 0.1% and ahead of the Westpac Leading Index (MoM) for June.
Ahead of the Westpac Leading Index data, the bullish out weight bears despite retracement from 1.1400 zone. The pair continues climbing following Monday’s set pace for an impressive rally from 1.1260 depths. The pair continues trading within 5-year lows despite peak troughs.
Price action indicates there is high volatility as a series of impulsive movements drove the price from bottoms to tops to a 60% retracement back into the 1.1370 zone. Trading at 1.1373, the pair navigates between supports at 1.1354 (August 9th lows), 1.1331 (August 7th lows) ahead of 1.1300 (August 11th lows) and resistances at 1.1386 (August 14th lows) followed by 1.1400 (July 25th lows), 1.1420 (August 12th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, oscillating above the EMA20.
Ahead of the Westpac Leading Index data, the bullish out weight bears despite retracement from 1.1400 zone. The pair continues climbing following Monday’s set pace for an impressive rally from 1.1260 depths. The pair continues trading within 5-year lows despite peak troughs.
Price action indicates there is high volatility as a series of impulsive movements drove the price from bottoms to tops to a 60% retracement back into the 1.1370 zone. Trading at 1.1373, the pair navigates between supports at 1.1354 (August 9th lows), 1.1331 (August 7th lows) ahead of 1.1300 (August 11th lows) and resistances at 1.1386 (August 14th lows) followed by 1.1400 (July 25th lows), 1.1420 (August 12th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, oscillating above the EMA20.