FxWirePro: Aussie Gains Against Major Peers on the Back of Higher Than expected Retail Sales Data

FxWirePro: Aussie Gains Against Major Peers on the Back of Higher Than expected Retail Sales Data

5 May 2016, 05:24
Roberto Jacobs
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FxWirePro: Aussie Gains Against Major Peers on the Back of Higher Than expected Retail Sales Data

  • AUD/NZD is trading around 1.0872 marks. 
  • Pair made intraday high at 1.0875 and low at 1.0827 marks. 
  • Today Australia released retails sales data with positive numbers at 0.4% m/m vs 0.0% m/m previous release. 
  • On the other side, Australia’s new home sales picked up at the strongest pace since 2010 to 8.9% month-on-month vs -5.3% month-on-month previous release. 
  • In addition, Australia’s trade deficit contracted from a revised $3.04 billion in February to $2.16 billion the following month. 
  • Intraday bias remains bullish till the time pair holds immediate support at 1.0804 marks. 
  • A daily close below 1.0832 will take the parity down towards 1.0801/1.0735/1.0651 marks respectively. 
  • On the other side, a sustained close above 1.0885 will drag the parity higher towards 1.0976/1.1062/1.1123/1.1298/1.1317 levels.

We prefer to take long position in AUD/NZD at 1.0850, stop loss 1.0804 and target 1.0976/ 1.1062 marks.

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