AUD/NZD: moving in finally to take out the July highs and weekly resistance?
|AUD/NZD rallied in a continuation of the bullish recent reversal from 1.0586 lows on the back of Australian CPI data for Q3. Currently, AUD/NZD is trading at 1.0745, up 0.67% on the day, having posted a daily high at 1.0747 and low at 1.0642.
Australia's Q3 CPI beats expectations, RBA trimmed mean CPI unchanged
Main headlines of CPI
CPI headline q/q 0.7% vs 0.4% exp and 0.4% prior
CPI headline y/y 1.3% vs 1.1% exp and 1.0% prior
RBA trimmed mean 0.4% vs 0.4% exp and 0.5% last
RBA trimmed mean y/y 1.7% vs 1.7% exp and 1.7% last
Westpac's outlooks:
"AUD/NZD 1 day: Rising commodity prices and CPI, towards the 1.0765 area.
AUD/NZD 1-3 month: Higher to 1.0750 or above, the RBA likely to remain on hold this year while the RBNZ should ease further. Moreover, the cross remains well below fair value estimates implied by interest rates, commodity prices and risk sentiment. (11 Oct)."
AUD/NZD levels
Spot is presently trading at 1.0745, and next resistance can be seen at 1.0745 (Monthly High), 1.0747 (Daily High), 1.0822 (Weekly Classic R2), 1.0892 (Weekly Classic R3) and 1.1298 (Annual High). Support below can be found at 1.0737 (Daily Classic R3), 1.0731 (Weekly Classic R1), 1.0719 (Daily 200 SMA), 1.0703 (Daily Classic R2) and 1.0703 (Yesterday's High).
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