15 Oct 2013
AUD/NZD sustains breakthrough above 1.1360
FXstreet.com (Chicago) - AUD/NZD sustains 1.1360 zone after yesterday’s climb. RBA minutes release reaction contributes to apparent trading range that forges ahead of NZ and Chinese data.
Minutes and data ahead
RBA minutes concluded that "the Board's judgment was that, given the substantial degree of policy stimulus that had been imparted, it would be prudent to leave the cash rate at the existing low level while continuing to gauge the effects. Members agreed that the Bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them.” In New Zealand data is expected until later in the day.
AUD/NZD Technical Levels
Price action reveals the pair broke through immediate support climbing to the 1.1360 zone shortly after RBA minutes releases and Australian data publication. Extending the upward trendline since last Friday, the pair remains below the 1.1374 zone consolidating reversal and printing higher lows. Offered at 1.1362, the pair oscillates between supports aligned at 1.1322 (October 4th lows), 1.1279 (September 27th highs) ahead of 1.1239 (October 1st lows) and the resistances set at 1.1352 (October 9th lows), 1.1395 (October 7th highs) followed by 1.1441 (October 9th highs).
Minutes and data ahead
RBA minutes concluded that "the Board's judgment was that, given the substantial degree of policy stimulus that had been imparted, it would be prudent to leave the cash rate at the existing low level while continuing to gauge the effects. Members agreed that the Bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them.” In New Zealand data is expected until later in the day.
AUD/NZD Technical Levels
Price action reveals the pair broke through immediate support climbing to the 1.1360 zone shortly after RBA minutes releases and Australian data publication. Extending the upward trendline since last Friday, the pair remains below the 1.1374 zone consolidating reversal and printing higher lows. Offered at 1.1362, the pair oscillates between supports aligned at 1.1322 (October 4th lows), 1.1279 (September 27th highs) ahead of 1.1239 (October 1st lows) and the resistances set at 1.1352 (October 9th lows), 1.1395 (October 7th highs) followed by 1.1441 (October 9th highs).