- 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|
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