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15 Aug 2013
AUD/NZD holding strong above 1.135 despite best NZ PMI in years
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at 1.3358, off recent session lows at 1.1338, following best New Zealand PMI figures in many years at 59.5 vs 55.2 previous.
AUD/NZD momentum studies heading north
According to the IFRMarkets analysts team AUD/NZD “momentum studies head north,” with the bullish 5 and 10 DMA cross, pointing for a target at 1.1646 in case of a daily close above 1.1432. Still, they've said to not be wanting to chase the price higher, but rather wait at around the mid 1.12s in order to get filled for a long position.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at Monday's lows 1.1390, followed by August 08 highs at 1.1412, and Monday's/Tuesday's double weekly high at 1.1452/59. To the downside, closest support lies at recent session lows 1.1358, followed by early NY session weekly lows at 1.1326, and August 07 lows at 1.1259.
AUD/NZD momentum studies heading north
According to the IFRMarkets analysts team AUD/NZD “momentum studies head north,” with the bullish 5 and 10 DMA cross, pointing for a target at 1.1646 in case of a daily close above 1.1432. Still, they've said to not be wanting to chase the price higher, but rather wait at around the mid 1.12s in order to get filled for a long position.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at Monday's lows 1.1390, followed by August 08 highs at 1.1412, and Monday's/Tuesday's double weekly high at 1.1452/59. To the downside, closest support lies at recent session lows 1.1358, followed by early NY session weekly lows at 1.1326, and August 07 lows at 1.1259.