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10 Sep 2013
AUD/NZD soars on boosting Australian confidence data
FXstreet.com (Athens)- The AUD/NZD spiked on 1.1524, due to a pick-up in risk sentiment, as well as on much better than expected Australian Confidence data.
AUD/NZD trades higher as Tony Abbot comes in power with “exciting data”
Probably, it might not be entirely random the fact that the Australian Business Confidence released at a 2-year high. But independently in what brought off these solid business confidence data regarding Australian (more or less enthusiasm on Tony Abbot), it is more than sure that the “Aussie” outperforms in the Asian trading day. What’s more, it seems that we are ahead of an international compromise in Syria, as news wires across the globe suggest that “Syria welcomed Russian proposal to put its chemical weapons under international control and US military strike could be abating”, thus, risk demand is more than well support. On the other hand, traders should take upon consideration, that the RBNZ will probably continue to set up the cacophony bleating tone regarding the “overvalued” kiwi on its Thursday meeting, therefore the “kiwi” could be wounded even more.
Technical Perspective and Outlook on AUD/NZD
At the time of writing the AUD/NZD is trading at 1.1522, relatively close to its daily high as of 1.1531. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.1485, 1.1455, 1.1428, and resistance at 1.1550, 1.1579 and 1.1608, respectively.
AUD/NZD trades higher as Tony Abbot comes in power with “exciting data”
Probably, it might not be entirely random the fact that the Australian Business Confidence released at a 2-year high. But independently in what brought off these solid business confidence data regarding Australian (more or less enthusiasm on Tony Abbot), it is more than sure that the “Aussie” outperforms in the Asian trading day. What’s more, it seems that we are ahead of an international compromise in Syria, as news wires across the globe suggest that “Syria welcomed Russian proposal to put its chemical weapons under international control and US military strike could be abating”, thus, risk demand is more than well support. On the other hand, traders should take upon consideration, that the RBNZ will probably continue to set up the cacophony bleating tone regarding the “overvalued” kiwi on its Thursday meeting, therefore the “kiwi” could be wounded even more.
Technical Perspective and Outlook on AUD/NZD
At the time of writing the AUD/NZD is trading at 1.1522, relatively close to its daily high as of 1.1531. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.1485, 1.1455, 1.1428, and resistance at 1.1550, 1.1579 and 1.1608, respectively.