FxWirePro: Kiwi Hovers Around Fresh 7-Month High Against Aussie, Australia's MI Inflation Falls in May

FxWirePro: Kiwi Hovers Around Fresh 7-Month High Against Aussie, Australia's MI Inflation Falls in May

6 June 2016, 06:33
Roberto Jacobs
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FxWirePro: Kiwi Hovers Around Fresh 7-Month High Against Aussie, Australia's MI Inflation Falls in May

  • AUD/NZD is trading around 1.0573 marks. 
  • Pair made intraday high at 1.0605 and low at 1.0562 marks. 
  • Intraday bias remains bearish till the time pair holds immediate resistance at 1.0647 marks.  
  • A daily close below 1.0526 will take the parity down towards key support around 1.0496(October 10, 2015 low) and 1.0456 marks respectively. 
  • Alternatively, reversal from key support and a sustained close above 1.0647 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively. 
  • Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. 
  • Today Australia released MI inflation data with the negative numbers at -0.2% m/m vs 0.1% m/m previous release. 
  • On the other side, ANZ job advertisements m/m rose to 2.4% m/m vs -0.6% m/m previous release.

We prefer to take short position in AUD/NZD only below 1.0575, stop loss 1.0647 and target 1.0456 levels.

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