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19 Aug 2013
AUD/NZD, favored by a series of unfortunate events; reaching 1.353 intraday highs
FXstreet.com (Chicago) - AUD/NZD has accumulated 0.21% daily gains so far against a weaker NZD, breaking immediate resistance at 1.1337 and heading upward. The pair remains trading on 5-year lows but a potential reversal may be forming post 1.1200 zone rebound at the end of July.
At 3.0%, new motor vehicle sales (YoY) for July decreased 4.1% compared to previous results in Australia. MoM data was -3.5% vs. previous 3.6%, an indication of decrease in consumer consumption. In New Zealand, the Ministry of Primary Industries revoked export certificates to Westland Milk Products after excessive nitrate levels were found among the company’s products, driving the NZD down as a series of unfortunate events continue affecting the country, i.e. Fonterra and last week’s Earthquake.
Price action indicates bullish momentum as the Aussie continues strengthening against major currencies. At 1.1339, the pair has broken immediate resistance at 1.1337 (August 4th lows) and targets following limits at 1.1358 (August 6th lows), 1.1385 (August 13th lows). On the downside, supports are set at 1.1314 (July 30th lows), 1.1293 (August 1st lows) ahead of 1.1264 (August 7th lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis despite 0.21% daily gains so far. The EMA20 is neutral on the same timeframe.
At 3.0%, new motor vehicle sales (YoY) for July decreased 4.1% compared to previous results in Australia. MoM data was -3.5% vs. previous 3.6%, an indication of decrease in consumer consumption. In New Zealand, the Ministry of Primary Industries revoked export certificates to Westland Milk Products after excessive nitrate levels were found among the company’s products, driving the NZD down as a series of unfortunate events continue affecting the country, i.e. Fonterra and last week’s Earthquake.
Price action indicates bullish momentum as the Aussie continues strengthening against major currencies. At 1.1339, the pair has broken immediate resistance at 1.1337 (August 4th lows) and targets following limits at 1.1358 (August 6th lows), 1.1385 (August 13th lows). On the downside, supports are set at 1.1314 (July 30th lows), 1.1293 (August 1st lows) ahead of 1.1264 (August 7th lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis despite 0.21% daily gains so far. The EMA20 is neutral on the same timeframe.