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20 May 2014
AUD/NZD neutral/bearish conditions ahead of RBA minutes
FXStreet (Guatemala) - AUD/NZD is trading at 1.0810, having posted a daily high at 1.0824 and low at 1.0803.
AUD was an under-performer, as iron ore slid under $100 for the first time since Sep 2012 but the FXStreet OB/OS Index is now reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 53.63, up from the last hourly print at 46.56, with ADX at 21.01, down from its previous close at 22.05. Daily RSI sits at 56.41, in neutral territory. We are now awaiting the RBA minutes, and Sean Callow at Westpac Banking Corporation ABN explained we will see a reiteration of the familiar line (used at every meeting this year) that “the most prudent course is likely to be a period of stability in interest rates. “The rise in AUD in recent months should be seen as a negative for growth in years to come, already confirmed in the 9 May quarterly statement. Logic argues for absolutely nothing new to move markets in these minutes”.
AUD/NZD Levels
With spot trading at 1.0813, we can see next resistance ahead at 1.0816 (Daily Classic S1), 1.0820 (Hourly 20 EMA), 1.0824 (Daily High), 1.0829 (Hourly 100 SMA) and 1.0831 (Hourly 200 SMA). Support below can be found at 1.0813 (Weekly Low), 1.0812 (Daily Open), 1.0811 (Daily 20 SMA), 1.0805 (Yesterday's Low) and 1.0804 (Weekly Classic S1).
AUD was an under-performer, as iron ore slid under $100 for the first time since Sep 2012 but the FXStreet OB/OS Index is now reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 53.63, up from the last hourly print at 46.56, with ADX at 21.01, down from its previous close at 22.05. Daily RSI sits at 56.41, in neutral territory. We are now awaiting the RBA minutes, and Sean Callow at Westpac Banking Corporation ABN explained we will see a reiteration of the familiar line (used at every meeting this year) that “the most prudent course is likely to be a period of stability in interest rates. “The rise in AUD in recent months should be seen as a negative for growth in years to come, already confirmed in the 9 May quarterly statement. Logic argues for absolutely nothing new to move markets in these minutes”.
AUD/NZD Levels
With spot trading at 1.0813, we can see next resistance ahead at 1.0816 (Daily Classic S1), 1.0820 (Hourly 20 EMA), 1.0824 (Daily High), 1.0829 (Hourly 100 SMA) and 1.0831 (Hourly 200 SMA). Support below can be found at 1.0813 (Weekly Low), 1.0812 (Daily Open), 1.0811 (Daily 20 SMA), 1.0805 (Yesterday's Low) and 1.0804 (Weekly Classic S1).