FXstreet.com (San Francisco) - A bullish outside day bar was printed on the Daily AUD/NZD timeframe chart on Tuesday, as the pair dipped to a four-week low of 1.2797 on reaction to the latest developments out of the RBA, then bouncing to reach as high as 1.2946 before ending the North American session at 1.2935, gaining 0.4% on the day.
The mentioned price action completely engulfed the previous two days of price action, and the 61.8% retracement level of the 1.2669/1.3078 advance attracted bids, lifting the cross back above the order of moving averages.
For today’s Asian session, key risk event for AUD will be Aussie housing data for June, due for release at 01:30 GMT. Immediate support lies at 1.2928 (200-houlry EMA), 1.2900 (200 EMA, 4-hr) and 1.2864 (1 Aug low). To the upside, resistance levels lie at 1.2962, 1.2978 and 1.2990.
The mentioned price action completely engulfed the previous two days of price action, and the 61.8% retracement level of the 1.2669/1.3078 advance attracted bids, lifting the cross back above the order of moving averages.
For today’s Asian session, key risk event for AUD will be Aussie housing data for June, due for release at 01:30 GMT. Immediate support lies at 1.2928 (200-houlry EMA), 1.2900 (200 EMA, 4-hr) and 1.2864 (1 Aug low). To the upside, resistance levels lie at 1.2962, 1.2978 and 1.2990.
