FXstreet.com (San Francisco) - The Australian dollar remains under pressure against its New Zealand counterpart this Friday, having spiked into the 1.2850 area upon release of Chinese economic data, but then pulled back to pre-release levels in 1.2830/35 zone after figures were not as bad as many analysts had feared.
Bird’s eye, AUD/NZD continues to consolidate around current prices, having done so since finishing the NA session virtually unchanged overnight Thursday at 1.2855 after trading a broad intraday range between 1.2816 and 1.2906. At the time of writing, the cross is quoted down 0.2% on the day.
The mentioned price action resulted in a spinning-top candlestick formation on the daily chart, which formed at a confluence of key resistance points. The 61.8% Fibonacci resistance level of the 1.3044-1.2671 downswing capped rallies, while the descending trend line measured from the March 7, 2011 peak to that of Dec 14, 2011 attracted offers.
Bird’s eye, AUD/NZD continues to consolidate around current prices, having done so since finishing the NA session virtually unchanged overnight Thursday at 1.2855 after trading a broad intraday range between 1.2816 and 1.2906. At the time of writing, the cross is quoted down 0.2% on the day.
The mentioned price action resulted in a spinning-top candlestick formation on the daily chart, which formed at a confluence of key resistance points. The 61.8% Fibonacci resistance level of the 1.3044-1.2671 downswing capped rallies, while the descending trend line measured from the March 7, 2011 peak to that of Dec 14, 2011 attracted offers.
