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2 Oct 2013
AUD/NZD soars to fall around 1.1355
FXstreet.com (Chicago) - AUD/NZD is perceived a formidable pair by speculators who affirm strong demand may cause the extension of an upward trendline that started yesterday. Despite an apparently impulsive and unsustainable price movement, the pair prints higher lows but remains capped below 1.14.
A long way to go?
The RBA released interest rates at 2.5% and implied the economy is stagnant despite low interests with a 2-year weak outlook until everything is up and running at desired the pace. As reported by RBA’s Glenn Stevens, the economic growth remains below last year’s. Ahead of trade balance results and housing market data in Australia, market participants push the pair higher.
AUD/NZD Technical Levels
Despite trading around 5-year lows, the primary and secondary trends point up indicating a potential upswing is consolidating. Price action reveals the pair remains stuck at 1.14 (double tops around September 18th highs and September 25th highs). After exhausting a strong rally from 1.12, the pair extends a corrective movement above 1.1340. Offered at 1.1348, the pair navigates between supports aligned at 1.1333 (September 12th lows), 1.1265 (August 16th lows), 1.1197 (August 1st lows) and resistances set at 1.14 (September 18th highs), 1.1460 (September 6th lows) followed by 1.15 (July 30th highs).
A long way to go?
The RBA released interest rates at 2.5% and implied the economy is stagnant despite low interests with a 2-year weak outlook until everything is up and running at desired the pace. As reported by RBA’s Glenn Stevens, the economic growth remains below last year’s. Ahead of trade balance results and housing market data in Australia, market participants push the pair higher.
AUD/NZD Technical Levels
Despite trading around 5-year lows, the primary and secondary trends point up indicating a potential upswing is consolidating. Price action reveals the pair remains stuck at 1.14 (double tops around September 18th highs and September 25th highs). After exhausting a strong rally from 1.12, the pair extends a corrective movement above 1.1340. Offered at 1.1348, the pair navigates between supports aligned at 1.1333 (September 12th lows), 1.1265 (August 16th lows), 1.1197 (August 1st lows) and resistances set at 1.14 (September 18th highs), 1.1460 (September 6th lows) followed by 1.15 (July 30th highs).