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17 Apr 2014
AUD/NZD fails to hold above 1.0900
FXStreet (Córdoba) - The AUD/NZD rose on Wednesday and posted the highest daily close in almost 2 months at 1.0860 on the back of a weak Kiwi. Despite ending higher, finished with downside momentum and far from the highs. The pair peaked yesterday at 1.0911, teh strongest level since February 2 but then pulled back.
A slide of the Kiwi across the board after CPI data from New Zealand and slightly better-than-expected data from China boosted the AUD/NZD above 1.0900.The pair failed once again to hold above the key 1.0900 zone.
AUD/NZD again at the 1.0900 area
During February the AUD/NZD tested on various occasions the mentioned key level but it was consistently rejected form above. Then pulled back and found support above January lows. From there the pair has been rising since mid March and is now back near 1.0900.
A break and a confirmation above could turn the outlook favorable to a bullish continuation. While if it holds below, the outlook would remains sideways, with a long term dominant bearish trend still intact.
A slide of the Kiwi across the board after CPI data from New Zealand and slightly better-than-expected data from China boosted the AUD/NZD above 1.0900.The pair failed once again to hold above the key 1.0900 zone.
AUD/NZD again at the 1.0900 area
During February the AUD/NZD tested on various occasions the mentioned key level but it was consistently rejected form above. Then pulled back and found support above January lows. From there the pair has been rising since mid March and is now back near 1.0900.
A break and a confirmation above could turn the outlook favorable to a bullish continuation. While if it holds below, the outlook would remains sideways, with a long term dominant bearish trend still intact.