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6 Aug 2013
AUD/NZD dealing with key 1.14 area ahead of RBA & Aus trade balance
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at 1.1401 bids, off recent session lows at 1.1382, few hours ahead of Australian trade balance and RBA meeting when market is expecting a 25bps cut in interest rates.
AUD/NZD slide to pause
According to IFRMarkets analysts “Last week's break below the bear channel base looks false.” They are now expecting a test of the top of this channel, with RSI “biased up” and 21 days Bollinger bands contracting, suggesting “the slide will pause,” the analysts added. They intend to buy a long position at 1.1350 with a stop loss at 1.12 with a target profit at 1.1635.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at July 29 lows 1.1430, followed by July 29/30/NY session highs at 1.1484, and yesterday's weekly highs at 1.1519. To the downside, closest support lies at July 25 lows/Friday's highs at 1.1397/93, followed by Thursday's highs/weekly close at 1.1360, and July 30 lows at 1.3223.
AUD/NZD slide to pause
According to IFRMarkets analysts “Last week's break below the bear channel base looks false.” They are now expecting a test of the top of this channel, with RSI “biased up” and 21 days Bollinger bands contracting, suggesting “the slide will pause,” the analysts added. They intend to buy a long position at 1.1350 with a stop loss at 1.12 with a target profit at 1.1635.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at July 29 lows 1.1430, followed by July 29/30/NY session highs at 1.1484, and yesterday's weekly highs at 1.1519. To the downside, closest support lies at July 25 lows/Friday's highs at 1.1397/93, followed by Thursday's highs/weekly close at 1.1360, and July 30 lows at 1.3223.