FxWirePro: Kiwi Hits Fresh 13-Month High Against Aussie, Intraday Bias Remains Bearish
- AUD/NZD is trading around 1.0441 marks.
- Pair made intraday high at 1.0468 and low at 1.0414 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 1.0571 marks.
- A sustained close above 1.0571 will drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
- On the other side, a daily close below 1.0454 will take the parity down towards key supports around 1.0362 and 1.0231 marks respectively.
- Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
- Yesterday RBNZ kept the Official Cash Rate on hold at 2.25%.
- Today New Zealand’s retail card spending fell to 0.3% in May vs 0.8% m/m previous release.
We prefer to take short position in AUD/NZD only below 1.0421, stop loss 1.0498 and target 1.0362/ 1.0343 levels.