Forex Flash: AUD/NZD range-bound on positive global outlook – Westpac

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS