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19 May 2014
AUD/NZD steady at base camp
FXStreet ( Guatemala) - AUD/NZD continues to build bids on the rising trend from last week’s business and is making a high of 1.0856 with a low of 1.0821 at the start of the week.
AUD/NZD is slightly down from the close of last week’s business but in the main it is maintaining form after the climb from Wednesday of last week. However, Strategists at TD Securities explained that for the AUD/NZD the trough is here - just lasting longer than expected. “With the RBNZ having clearly telegraphed rate hikes, the risk is the market winds these back or upgrades its RBA outlook, which should see the AUD/NZD higher. We forecast 1.13 by year end”.
AUD/NZD bearish bias
Trading below the pivot of 1.0840 and despite forecasts of higher levels, the technicals are favouring the downside on both the hourly and weekly sticks. Meanwhile, hourly RSI (14) reads 39.68 with daily EMA’s offering support in 1.0790 sub 1.08 handle (EMA50) and then 1.0756, (SMA100).
AUD/NZD is slightly down from the close of last week’s business but in the main it is maintaining form after the climb from Wednesday of last week. However, Strategists at TD Securities explained that for the AUD/NZD the trough is here - just lasting longer than expected. “With the RBNZ having clearly telegraphed rate hikes, the risk is the market winds these back or upgrades its RBA outlook, which should see the AUD/NZD higher. We forecast 1.13 by year end”.
AUD/NZD bearish bias
Trading below the pivot of 1.0840 and despite forecasts of higher levels, the technicals are favouring the downside on both the hourly and weekly sticks. Meanwhile, hourly RSI (14) reads 39.68 with daily EMA’s offering support in 1.0790 sub 1.08 handle (EMA50) and then 1.0756, (SMA100).