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9 Sep 2013
AUD/NZD consolidates bullish channel; targets 1.1550
FXstreet.com (Chicago) - AUD/NZD extends bullish momentum on strong upswing to start off the week advancing against a weak kiwi across the board. The Aussie erases last week losses partially to crawl higher and mark 38 pips more.
Red uplifting
Fueled by better than expected Chinese data with a trade balance in the positive at 28.600B vs. past 17.818B and expected 20.000B, the Aussie beats the kiwi. At 1:30 GMT, the ANZ job advertisements data is due along housing market results in Australia. Chinese data, directly correlated with the pair’s performance, will reveal consumer and producer price indexes. In New Zealand, manufacturing sales were -2.0% vs. past -0.1%.
AUD/NZD Technical Levels
Price action reveals a higher low (50% retracement from September 4th highs from originated bottom at 1.1260, August 18th lows) starting the week to set daily highs at 1.1524 and trade between supports at 1.1513 (August 28th highs), 1.1475 (September 2nd lows) ahead of 1.1432 (August 29th lows) and resistances at 1.1584 (September 4th lows), 1.1642 (July 23rd highs) followed by 1.1694 (July 14th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe with a neutral EMA20.
Red uplifting
Fueled by better than expected Chinese data with a trade balance in the positive at 28.600B vs. past 17.818B and expected 20.000B, the Aussie beats the kiwi. At 1:30 GMT, the ANZ job advertisements data is due along housing market results in Australia. Chinese data, directly correlated with the pair’s performance, will reveal consumer and producer price indexes. In New Zealand, manufacturing sales were -2.0% vs. past -0.1%.
AUD/NZD Technical Levels
Price action reveals a higher low (50% retracement from September 4th highs from originated bottom at 1.1260, August 18th lows) starting the week to set daily highs at 1.1524 and trade between supports at 1.1513 (August 28th highs), 1.1475 (September 2nd lows) ahead of 1.1432 (August 29th lows) and resistances at 1.1584 (September 4th lows), 1.1642 (July 23rd highs) followed by 1.1694 (July 14th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe with a neutral EMA20.