The AUD/NZD cross cane under renewed selling pressure over the last hours, and now tests 1.09 handle as the AUD remains weaker against its OZ neighbour.
AUD/NZD faces stiff resistance near 1.0925 region
Currently, the AUD/NZD pair trades -0.07% at fresh session lows of 1.0899, unable to hold above 1.09 barrier. The cross in the AUD/NZD reverses a spike to 1.0926 highs and consolidates to the downside as the Aussie witnessed fresh selling in the recent dealings after risk-off sentiment appears to seep back into markets, with the Asian indices turning into the negative territory, while the copper prices are also seen in the red, down -0.53%. Moreover, poor second-tier economic data out of Australia also adds to the bearish pressure on the cross.
However, the downside remains restricted as the NZD/USD pair also remains offered amid increasing speculation that the RBNZ may ease further at its policy meeting due later this week. Meanwhile, nothing of note, for the Antipodes this session and hence, attention now shifts towards the Fed speaks due later in the NY trades.
AUD/NZD Levels to watch
The pair finds the immediate resistance at 1.0925/26/30 (daily R1 & high/ 200-DMA) above which gains could be extended to the 1.0969/70 (Mar 4 & 3 High). On the flip side, the immediate support located at 1.0875 (daily S3). Selling pressure is likely to intensify below the last, dragging the Aussie to 1.0845 (1h-200-SMA).
(Market News Provided by FXstreet)