FxWirePro: Aussie Gains Against Major Peers on Robust GDP Data
- AUD/NZD is trading around 1.0719 marks.
- Pair made intraday high at 1.0731 and low at 1.0646 marks.
- Today Australia released GDP data with positive numbers at 1.1% q/q vs 0.7% q/q (Revised from 0.6%) previous release.
- Intraday bias remains neutral for the moment.
- A sustained close above 1.0751 is required to drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
- Alternatively, a daily close below 1.0648 will take the parity down towards key support around 1.0574 (February 12, 2016 low) and 1.0506 marks respectively.
- Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take short position in AUD/NZD around 1.0730, stop loss 1.0806 and target 1.0626 levels.