FXstreet.com (Barcelona) - “A positive global
outlook for risk assets benefits both the AUD
and NZD, leaving the
cross broadly range-bound within 1.2400-1.2700 multi-week/
month. However,
Westpac’s call for the
RBNZ to tighten
policy this year
argues for the
eventual range-break
to be lower, eyeing
1.2200.” notes FX Strategist Sean Callow at Westpac.
As such, the AUD/NZD has paid little attention to moving averages lately, though the tightening trading ranges have chartists drawing wedges. As ever trend lines can be drawn over various timeframes but many have noted 1.2470/90 as near term support and again around 1.2400/20. On the top side, 1.2670 should be trend line resistance while 1.2700 was very hard work in late December.
As such, the AUD/NZD has paid little attention to moving averages lately, though the tightening trading ranges have chartists drawing wedges. As ever trend lines can be drawn over various timeframes but many have noted 1.2470/90 as near term support and again around 1.2400/20. On the top side, 1.2670 should be trend line resistance while 1.2700 was very hard work in late December.
