5 Nov 2013
AUD/NZD heading south ahead of the RBA’s decision?
FXstreet.com (Chicago) - AUD/NZD seems to be retracing from session highs ahead of the RBA interest rate decision and manufacturing results releases in Australia and China.
Ahead of the AiG performance of services index results in Australia, the RBA interest rate decision and the HSBC China services PMI, market participants maintain the performance seen towards the end of the American trading session.
AUD/NZD Technical Levels
Technically speaking, the pair is offered at 1.1471 extending the parallel price action that has taken place the past week. After bouncing to the 1.1470 front from 1.1430 lows, the pair continues flirting with the immediate resistance although hourly charts evidence a strong limit (triple peaks this past week). On the downside, supports are aligned at 1.1434 (October 16th highs), 1.1395 (October 18th highs) ahead of 1.1341 (October 31st lows) while resistances are set at 1.1474 (November 1st highs), 1.1517 (October 29th highs) followed by 1.1570 (October 26th highs).
Ahead of the AiG performance of services index results in Australia, the RBA interest rate decision and the HSBC China services PMI, market participants maintain the performance seen towards the end of the American trading session.
AUD/NZD Technical Levels
Technically speaking, the pair is offered at 1.1471 extending the parallel price action that has taken place the past week. After bouncing to the 1.1470 front from 1.1430 lows, the pair continues flirting with the immediate resistance although hourly charts evidence a strong limit (triple peaks this past week). On the downside, supports are aligned at 1.1434 (October 16th highs), 1.1395 (October 18th highs) ahead of 1.1341 (October 31st lows) while resistances are set at 1.1474 (November 1st highs), 1.1517 (October 29th highs) followed by 1.1570 (October 26th highs).