- AUD/NZD pauses the recent downside moves but remains pressured at one-week low.
- New Zealand’s trade numbers came downbeat for the second quarter (Q2).
- 10-DMA guards immediate upside, 100-DMA appears a tough nut to crack for bears.
- Impending bear cross on MACD, a clear break of 10-DMA favor short-term sellers.
AUD/NZD pauses the previous day’s bearish performance around a one-week low after witnessing downbeat New Zealand (NZ) trade data during Friday’s Asian session. In doing so, the cross-currency pair probes the bears but stays far from the buyer’s radar.
As per the latest trade numbers from Statistics New Zealand, the Terms of Trade fell 2.4% in the second quarter (Q2), reported Reuters. The details mentioned that Export prices rose 3.7 percent, while imports increased 6.5 percent. Economists were expecting the index to show a 1.3 percent fall, with export prices rising 0.8 percent and imports up 2.5 percent, according to a Reuters poll.
That said, the quote’s successful trading below the 10-DMA, around 1.1185, directs AUD/NZD towards the early August swing high near 1.1125.
Following that, the 100-DMA and the previous monthly low, respectively near 1.1050 and 1.0990, will be crucial to watch.
Alternatively, recovery moves need a successful run-up beyond the 10-DMA hurdle surrounding 1.1185 to convince AUD/NZD buyers.
Even so, the latest swing high and an upward sloping resistance line from May, around 1.1255, will be a major challenge for the AUD/NZD bulls.
AUD/NZD: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||1.1166|
|Today Daily Change||-0.0015|
|Today Daily Change %||-0.13%|
|Today daily open||1.1181|
|Previous Daily High||1.1224|
|Previous Daily Low||1.1158|
|Previous Weekly High||1.1278|
|Previous Weekly Low||1.1052|
|Previous Monthly High||1.1278|
|Previous Monthly Low||1.0943|
|Daily Fibonacci 38.2%||1.1183|
|Daily Fibonacci 61.8%||1.1199|
|Daily Pivot Point S1||1.1151|
|Daily Pivot Point S2||1.1121|
|Daily Pivot Point S3||1.1084|
|Daily Pivot Point R1||1.1217|
|Daily Pivot Point R2||1.1254|
|Daily Pivot Point R3||1.1284|
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.
Follow us on Telegram
Stay updated of all the news
EUR/USD remains on the back foot below 1.0800
EUR/USD remains on the defensive below 1.0800, as it consolidates weekly gains heading into Friday’s European session. The pair takes cues from the market’s sluggish momentum amid a light calendar and repositioning ahead of next week’s top-tier EU/ US events.
GBP/USD keeps range around 1.2550 amid quiet markets
GBP/USD is keeping its range play intact at around 1.2550 in the European morning this Friday. The US Dollar is licking its wounds following the US jobs data-led steep sell-off. Markets stay cautious, anticipating the end-of-the-week flows and position adjustments.
Gold lacks firm intraday direction, flat-lines around $1.965 area
Gold price struggles to capitalize on the previous day's solid rebound from the 100-day Simple Moving Average (SMA) support near the $1,940-$1,939 area and oscillates in a narrow trading band on Friday.
Binance.US to suspend USD deposits, citing aggressive and intimidating tactics by the SEC
BinanceUS, the American arm of Binance.com, has indicated plans to suspend USD deposits, noting that its banking partners would do the same for withdrawal beginning June 13.
US jobless claims shake markets, ECB and Fed meetings await
US weekly jobless claims, of all things, was responsible for yesterday’s main market move. Applications rose from 233k to 261k, more than the 235k expected. It triggered a US bond rally which dragged European peers higher as well.