19 Jun 2015
AUD/NZD bulls in control, meeting key resistance 1.1284
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.1252 with a high of 1.1269 and a low of 1.1249.
The rally in AUD/NZD has halted and we have moved in to consolidation of yesterday's bullish trend that was an extension of the upside from April's run up from close to parity and the yearly lows. The double whammy, being the surprise cut of the OCR from the RBNZ last week and then yesterday's misses in the GDP to consensus, has put the cross back in to neutral on the longer dated sticks and highly bullish short term.
Technically, 1.1280 resistance is a tough nut to crack although the cross remains highly bullish and the cross has met the 31st Oct monthly stick's highs at 1.1284. A continued favouritism to the Aussie leaves the Kiwi vulnerable and a break of the October hammer reveals the 1.14 psychological level as next target on the bulls map.
The rally in AUD/NZD has halted and we have moved in to consolidation of yesterday's bullish trend that was an extension of the upside from April's run up from close to parity and the yearly lows. The double whammy, being the surprise cut of the OCR from the RBNZ last week and then yesterday's misses in the GDP to consensus, has put the cross back in to neutral on the longer dated sticks and highly bullish short term.
Technically, 1.1280 resistance is a tough nut to crack although the cross remains highly bullish and the cross has met the 31st Oct monthly stick's highs at 1.1284. A continued favouritism to the Aussie leaves the Kiwi vulnerable and a break of the October hammer reveals the 1.14 psychological level as next target on the bulls map.