Aussie Gains on the Back of Higher Than expected Hpi Data

Aussie Gains on the Back of Higher Than expected Hpi Data

• AUD/NZD is currently trading around 1.1205 levels. 
• Pair made intraday high at 1.1214 and low at 1.1189 marks. 
• Australia's House Price Index rose 0.2% in the December quarter, following a 2.0% increase in the previous three-month period. Analysts expected the index to rise 0.1% last quarter. 
• On an annualized basis house prices were up 8.7% in the December quarter. 
• Intraday bias remains neutral for the moment. 
• Pair fails to fall below key support at 1.1148 and dragged the parity up around 1.1200 levels. 
• A daily close below 1.1148 will take the parity down towards 1.10 marks. 
• Alternatively, reversal from key support suggests upside correction and will take the parity up towards key resistance levels around 1.1298/ 1.1317 levels thereafter. 
• Initial support levels are seen at 1.1148, 1.1064 and 1.0932 levels thereafter. 
• A daily close above key resistance at 1.1298 will drag the parity towards 1.1590 marks.
  

We prefer to take long position in AUD/NZD around 1.1200, stop loss 1.1148 and target 1.1260/ 1.1298 marks.

The material has been provided by InstaForex Company - www.instaforex.com