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13 Aug 2013
AUD/NZD holding above 1.14 despite disappointing confidence data in Australia
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at 1.1410 bids following worse than expected NAB business confidence data in Australia, off recent session and weekly lows at 1.1387, slightly in the negative so far for the week.
AUD/NZD broader trend remains lower
According to the TD Securities Toronto based FX Research Team, “AUD/NZD price action suggests that the AUD is trying hard to pull out of its tailspin versus the Kiwi. Price signals are constructive on the weekly chart (two “hammer” like candle signals that point to a reversal possibly in formation). But the broader trend here remains lower and quite powerfully so, according to a range of trend momentum studies."
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at recent session's highs 1.1451, followed by Monday's weekly highs at 1.1460, and July 29 highs at 1.1486. To the downside, closest support lies at July 25 lows 1.1394, followed by August 06 lows at 1.1353, and August 08 lows 1.1328.
AUD/NZD broader trend remains lower
According to the TD Securities Toronto based FX Research Team, “AUD/NZD price action suggests that the AUD is trying hard to pull out of its tailspin versus the Kiwi. Price signals are constructive on the weekly chart (two “hammer” like candle signals that point to a reversal possibly in formation). But the broader trend here remains lower and quite powerfully so, according to a range of trend momentum studies."
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at recent session's highs 1.1451, followed by Monday's weekly highs at 1.1460, and July 29 highs at 1.1486. To the downside, closest support lies at July 25 lows 1.1394, followed by August 06 lows at 1.1353, and August 08 lows 1.1328.