FxWirePro: Kiwi Hits Fresh 13-Month High Against Aussie, Intraday Bias Remains Bearish

FxWirePro: Kiwi Hits Fresh 13-Month High Against Aussie, Intraday Bias Remains Bearish

10 June 2016, 06:04
Roberto Jacobs
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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.


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