27 Mar 2014
AUD/NZD dropping on New Zealand trade
FXStreet (Guatemala) - AUD/NZD has dropped 30 pips with the release of upbeat trade data from New Zealand.
New Zealand trade balance for the month of February came at $818M vs $600M expected and $306M last, with the $0.49B expected and $0.31B last. Supply here is coming in against a trend which had been turning back towards the upside of late, off the lows from last weeks business at 1.0544.
AUD/NZD heading back for fair value 1.09-1.10?
Sean Callow, strategist at Westpac Banking Corporation ABN suggested recently, on the notion that with the pair far below its long term average and markets already priced for another 125bp in RBNZ rate hikes over the next year, they continue expect the next big move in the cross to be to the top side. Fair value remains around 1.09-1.10”.
AUD/NZD Levels
AUD/NZD is running on fumes with hourly RSI (14) reading at 69 and close to overdone while MACD offers a bulling signal along with CCI (14) on the hourly and daily time scales.
New Zealand trade balance for the month of February came at $818M vs $600M expected and $306M last, with the $0.49B expected and $0.31B last. Supply here is coming in against a trend which had been turning back towards the upside of late, off the lows from last weeks business at 1.0544.
AUD/NZD heading back for fair value 1.09-1.10?
Sean Callow, strategist at Westpac Banking Corporation ABN suggested recently, on the notion that with the pair far below its long term average and markets already priced for another 125bp in RBNZ rate hikes over the next year, they continue expect the next big move in the cross to be to the top side. Fair value remains around 1.09-1.10”.
AUD/NZD Levels
AUD/NZD is running on fumes with hourly RSI (14) reading at 69 and close to overdone while MACD offers a bulling signal along with CCI (14) on the hourly and daily time scales.