5 Dec 2013
AUD/NZD a bearish bias
FXstreet.com (London) - AUD/NZD has scored a high of 1.1022 on the session but is looking to attempt the 1.10 handle but while RSI (14) reads 29.97 offering oversold signals.
Markets are upon a foundation of the Fed taper concerns while the AUD and the NZD are under-performing and are liable to weaken relatively more as tapering concerns build. Meanwhile, besides the AUDNZD liquidation, generally NZD plays catch up to AUD moves over the past two sessions. Strategist at Westpac noted that AUD/USD extended its post-GDP losses to 0.9004 in London, attempted a rally to 0.9040 then dipped to 0.8999 in NY, the first trade under 0.9000 since 3 September. “The AUD reactions to the mixed US data were small. NZD/USD ranged sideways between 0.8166 and 0.8207, meaning AUD/NZD traded new five year lows just above 1.1010, versus 1.1090 pre-Australia GDP”. AUD/USD is down creating lows on the session with the Trade Balance data that disappointed from Australia, -529M vs expectations of -375M.
Markets are upon a foundation of the Fed taper concerns while the AUD and the NZD are under-performing and are liable to weaken relatively more as tapering concerns build. Meanwhile, besides the AUDNZD liquidation, generally NZD plays catch up to AUD moves over the past two sessions. Strategist at Westpac noted that AUD/USD extended its post-GDP losses to 0.9004 in London, attempted a rally to 0.9040 then dipped to 0.8999 in NY, the first trade under 0.9000 since 3 September. “The AUD reactions to the mixed US data were small. NZD/USD ranged sideways between 0.8166 and 0.8207, meaning AUD/NZD traded new five year lows just above 1.1010, versus 1.1090 pre-Australia GDP”. AUD/USD is down creating lows on the session with the Trade Balance data that disappointed from Australia, -529M vs expectations of -375M.