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.