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10 Sep 2013
AUD/NZD at critical EMA20 juncture above 1.15 zone
FXstreet.com (Chicago) - AUD/NZD trades stalled around 1.1510 zone exhausted from an up-run to erase earlier losses. The pair maintains upward trendline at critical level, EMA20 intersection ahead of Tokyo’s opening.
Data releases
Later in Australia, consumer inflation expectations for September are due at 1:00 GMT along NAB business confidence results for August 30 minutes afterwards. New Zealand will release its electronic card retail sales and Truckometer results (little market impact). Chinese data may also affect the pair’s performance with retail sales, urban investment and industrial production data due later. Russian's peaceful proposal to resolve the international conflict due to chemical weaponry was welcomed by the Syrian government and accepted by the US, bringing a positive sentiment across the markets on potential resolution.
AUD/NZD Technical Levels
Price action reveals the pair consolidates reversal as primary trend continues upward trendline (ditto for secondary trend). The pair retraced from last week’s highs until hitting 1.1466 lows (September 6th). Regaining the 1.15 zone, the pair now trades at 1.1507 (23.6% advance from lows after retracement from last week highs – Fibonacci level), stalled for the last few hours after an exhausting bullish swing. On the downside, supports are aligned at 1.1475 (session lows), 1.1432 (August 28th lows) ahead of 1.1391 (August 14th highs) while the upside marks resistances at 1.1513 (August 30th highs), 1.1584 (August 26th highs) followed by 1.1642 (July 24th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20 and below the SMA200.
Data releases
Later in Australia, consumer inflation expectations for September are due at 1:00 GMT along NAB business confidence results for August 30 minutes afterwards. New Zealand will release its electronic card retail sales and Truckometer results (little market impact). Chinese data may also affect the pair’s performance with retail sales, urban investment and industrial production data due later. Russian's peaceful proposal to resolve the international conflict due to chemical weaponry was welcomed by the Syrian government and accepted by the US, bringing a positive sentiment across the markets on potential resolution.
AUD/NZD Technical Levels
Price action reveals the pair consolidates reversal as primary trend continues upward trendline (ditto for secondary trend). The pair retraced from last week’s highs until hitting 1.1466 lows (September 6th). Regaining the 1.15 zone, the pair now trades at 1.1507 (23.6% advance from lows after retracement from last week highs – Fibonacci level), stalled for the last few hours after an exhausting bullish swing. On the downside, supports are aligned at 1.1475 (session lows), 1.1432 (August 28th lows) ahead of 1.1391 (August 14th highs) while the upside marks resistances at 1.1513 (August 30th highs), 1.1584 (August 26th highs) followed by 1.1642 (July 24th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20 and below the SMA200.