- AUD/NZD remains pressured around monthly low, sidelined of late.
- Aussie general practitioners step forward to administer Pfizer vaccine, Victoria registers no new cases but Sydney remains vulnerable.
- Australia PMIs came in upbeat for June but couldn’t keep bulls on the table.
- China Caixin Services PMI, final reading of Australia Retail Sales for May can entertain traders.
AUD/NZD fails to extend Friday’s bounce off monthly low, sidelined around 1.0700, amid Monday’s Asian session. In doing so, the quote stays depressed, despite upbeat Aussie PMUI data, amid the coronavirus (COVID-19) crisis in Australia.
Victoria registers no new covid cases during the week but the infection of a primary school student and another two at the aged care homes in Sydney worries the AUD traders. Also negative was the four new local cases from Queensland.
On the positive side, Australia Commonwealth Bank (CBA) Services PMI for June rose past 56.00 expected and prior to 56.8 whereas CBA Composite PMI inched above 56.1 previous readouts to 56.7.
It’s worth noting that the recently grim comments from the Reserve Bank of Australia (RBA) policymakers, versus optimism surrounding the RBNZ’s rate hike, also weigh on the AUD/NZD prices. Additionally, New Zealand’s success over taming the pandemic keeps the Kiwi on the upper hand versus major currencies.
On a broader front, indecision over the Fed’s next moves and optimism surrounding the US economy troubles traders amid a quiet Asian session. That said, S&P 500 Futures drop 0.15% intraday by the press time.
Moving on, China’s Caixin Services PMI for June, expected 55.7 versus 55.1 prior, as well as Aussie Retail Sales for May, likely to confirm 0.1% initial forecast, may offer intermediate moves to the AUD/NZD prices. However, comparatively stronger fundamentals of New Zealand and increasing odds of the RBNZ’s rate hike keep the bears hopeful.
Sustained trading below 200-DMA, around 1.0725, directs AUD/NZD prices toward May’s low surrounding 1.0600.
additional important levels
|Today last price||1.0702|
|Today Daily Change||-0.0010|
|Today Daily Change %||-0.09%|
|Today daily open||1.0712|
|Previous Daily High||1.0762|
|Previous Daily Low||1.0692|
|Previous Weekly High||1.0771|
|Previous Weekly Low||1.0692|
|Previous Monthly High||1.0817|
|Previous Monthly Low||1.0622|
|Daily Fibonacci 38.2%||1.0735|
|Daily Fibonacci 61.8%||1.0718|
|Daily Pivot Point S1||1.0682|
|Daily Pivot Point S2||1.0652|
|Daily Pivot Point S3||1.0612|
|Daily Pivot Point R1||1.0752|
|Daily Pivot Point R2||1.0792|
|Daily Pivot Point R3||1.0822|
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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.