10 Apr 2014
AUD/NZD sold off; A cheap position for the bulls?
FXStreet (Guatemala) - Currently, AUD/NZD is trading at 1.0769, up 0.01% on the day, having posted a daily high at 1.0784 and low at 1.0765.
AUD/NZD has been quite a drama across the recent sessions. The pair crash landed onto 1.0770 from 1.08’teens and now awaits the economic data from New Zealand and Australia coming up. Up first we will what the business environment has been like in March for New Zealand with Business NZ PMI. Then we have the Australian data starting with Consumer Inflation Expectations, but the lime light event will be in the employment data. Given the definitive turnaround in job vacs in recent months, Strategists at TD Securities expect another +15k (mkt +2.5k) although leaving the unemployment rate at the cyclical high of 6.0%. Could this current price make for a cheap position for the bulls in this case?
AUD/NZD neutral
AUD/NZD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish. RSI is in neutral territory at 37.85, down from it’s last hourly close at 44.42, while ADX is ranging above 30 at 14.74, down from 25.81 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 59.41. The 200 SMA is currently at 1.0778, up from 1.0753 at the last period close, and climbing on the hourly AUD/NZD chart. Moving in an upward trend, the exponential average closing price is 1.0720.
AUD/NZD Levels
Looking at price patterns, we can see a Piercing Line 1-hour candlestick formation. Current price is 1.0774, with resistance ahead at 1.0779 (Daily Classic PP), 1.0784 (Daily High), 1.0787 (Hourly 20 EMA), 1.0788 (Hourly 100 SMA) and 1.0805 (Monthly High). Next support to the downside can be found at 1.0773 (Weekly Low), 1.0767 (Daily Open), 1.0765 (Daily Low), 1.0758 (Weekly Classic PP) and 1.0755 (Yesterday's Low).
AUD/NZD has been quite a drama across the recent sessions. The pair crash landed onto 1.0770 from 1.08’teens and now awaits the economic data from New Zealand and Australia coming up. Up first we will what the business environment has been like in March for New Zealand with Business NZ PMI. Then we have the Australian data starting with Consumer Inflation Expectations, but the lime light event will be in the employment data. Given the definitive turnaround in job vacs in recent months, Strategists at TD Securities expect another +15k (mkt +2.5k) although leaving the unemployment rate at the cyclical high of 6.0%. Could this current price make for a cheap position for the bulls in this case?
AUD/NZD neutral
AUD/NZD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish. RSI is in neutral territory at 37.85, down from it’s last hourly close at 44.42, while ADX is ranging above 30 at 14.74, down from 25.81 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 59.41. The 200 SMA is currently at 1.0778, up from 1.0753 at the last period close, and climbing on the hourly AUD/NZD chart. Moving in an upward trend, the exponential average closing price is 1.0720.
AUD/NZD Levels
Looking at price patterns, we can see a Piercing Line 1-hour candlestick formation. Current price is 1.0774, with resistance ahead at 1.0779 (Daily Classic PP), 1.0784 (Daily High), 1.0787 (Hourly 20 EMA), 1.0788 (Hourly 100 SMA) and 1.0805 (Monthly High). Next support to the downside can be found at 1.0773 (Weekly Low), 1.0767 (Daily Open), 1.0765 (Daily Low), 1.0758 (Weekly Classic PP) and 1.0755 (Yesterday's Low).