AUD/NZD bears extend slump for 3rd consecutive week, eye 50-DMA support at 1.0856.
Kiwi ignores sharp drop seen in the NZ credit card spending data regains bid tone after latest poll.
The latest opinion poll released by Newshub Reid, showed that the ruling National Party regained lead over the opposition Labour Party in New Zealand’s nation election poll.
Aussie depressed further after Governor Phillip Lowe suggested that the RBA could be far from considering any monetary policy tightening.
AUD/NZD down 0.46% on the day, hovers just above major 50-DMA support at 1.0856.
Techs are biased lower, break below 50-DMA will see further drag, scope then for test of 100-DMA at 1.07.
On the flipside, we see major resistance at 1.1155 (major trendline), only decisive break above 1.1155 (trendline) could see further upside.
Support levels - 1.0848 (38.2% Fib retrace of 1.0370 to 1.1143 rise), 1.08, 1.0746 (weekly 200-DMA)
Resistance levels - 1.0929 (5-DMA), 1.1016 (20-DMA), 1.11, 1.1155 (trendline)
Watch out for break below 50-DMA for further downside, target 1.08, 1.0746, 1.07
Kiwi ignores sharp drop seen in the NZ credit card spending data regains bid tone after latest poll.
The latest opinion poll released by Newshub Reid, showed that the ruling National Party regained lead over the opposition Labour Party in New Zealand’s nation election poll.
Aussie depressed further after Governor Phillip Lowe suggested that the RBA could be far from considering any monetary policy tightening.
AUD/NZD down 0.46% on the day, hovers just above major 50-DMA support at 1.0856.
Techs are biased lower, break below 50-DMA will see further drag, scope then for test of 100-DMA at 1.07.
On the flipside, we see major resistance at 1.1155 (major trendline), only decisive break above 1.1155 (trendline) could see further upside.
Support levels - 1.0848 (38.2% Fib retrace of 1.0370 to 1.1143 rise), 1.08, 1.0746 (weekly 200-DMA)
Resistance levels - 1.0929 (5-DMA), 1.1016 (20-DMA), 1.11, 1.1155 (trendline)
Watch out for break below 50-DMA for further downside, target 1.08, 1.0746, 1.07