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30 Jul 2015
AUD/NZD: back on to the 1.10 handle
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.1006 with a high of 1.1013 and a low of 1.0934.
AUD/NZD dipped below the 1.10 handle on the back of the Australian Building Approvals missing expectations but soon reversed again. The rally came from early Asia 1.0960 which was an extension of the rise from 1.0920 earlier overnight when it broke out of the sideways channel formed in before the week at the bottom of the heavy slide from through 1.1300. This minor rebound is running out of steam at this point with the bird losing demand created yesterday on a less dovish and more neutral RBNZ chief.
Wheeler delivered his speech yesterday in a private meeting that garnered a great deal of market attention and a shift in rhetoric left the bears scrambling while an upbeat picture of small progress in the economy was voiced, leaving the risks of a big rate cut to follow in the months ahead behind for the time being. Technically, the cross is overbought and until a break and closes on 1.11 can be achieved any continuation on the 1.10 handle could be considered as a sell on rallies. 1.1080 marks key resistance and 1.0780 to the downside would erode Junes gains.
AUD/NZD dipped below the 1.10 handle on the back of the Australian Building Approvals missing expectations but soon reversed again. The rally came from early Asia 1.0960 which was an extension of the rise from 1.0920 earlier overnight when it broke out of the sideways channel formed in before the week at the bottom of the heavy slide from through 1.1300. This minor rebound is running out of steam at this point with the bird losing demand created yesterday on a less dovish and more neutral RBNZ chief.
Wheeler delivered his speech yesterday in a private meeting that garnered a great deal of market attention and a shift in rhetoric left the bears scrambling while an upbeat picture of small progress in the economy was voiced, leaving the risks of a big rate cut to follow in the months ahead behind for the time being. Technically, the cross is overbought and until a break and closes on 1.11 can be achieved any continuation on the 1.10 handle could be considered as a sell on rallies. 1.1080 marks key resistance and 1.0780 to the downside would erode Junes gains.