3 Feb 2014
AUD/NZD has switched to sell-off mode and crashed below 1.0800
FXstreet.com (Moscow) - AUD/NZD is in the «sell off» mode Monday morning as the dismal Chinese and Australian macro statistics weakened the Aussie across the board: the cross moved below 1.0800 and reached the minimum at 1.0774 after opening at 1.0826.
AUD vs. NZD - who is the bigger looser?
AUD/NZD had a good upside run on Friday as Reserve Bank of New Zealand Governor Graeme Wheeler comments pressured kiwi down across the board. The daily chart shows that the cross closed above an important resistance line of 1.0800 and if it manages to regain ground lost early in the morning today, and finish the day above that level, the longer term rebound may be in store. Technically, the AUD/NZD needs a healthy correction after its deep fall to the multi-year lows. Anti-risk sentiment is the strong driver nowadays. Both kiwi and aussie reacts badly to EM crisis, so this is just the question of who is the bigger looser. The key upside level to watch is 1.0800. If the cross creaks above, the resistance of 1.0837-40 will come into play. The downside is likely to be limited by Friday’s low at 1.0728.
What are today’s key AUD/NZD levels?
Today's central pivot point can be found at 1.0795, with support below at 1.0757, 1.0691 and 1.0653, with resistance above at 1.0861, 1.0899 and 1.0965. Hourly Moving Averages are mixed, with the 200SMA at 1.0641 and the daily 20EMA at 1.0709. Hourly RSI is neutral at 50.
AUD vs. NZD - who is the bigger looser?
AUD/NZD had a good upside run on Friday as Reserve Bank of New Zealand Governor Graeme Wheeler comments pressured kiwi down across the board. The daily chart shows that the cross closed above an important resistance line of 1.0800 and if it manages to regain ground lost early in the morning today, and finish the day above that level, the longer term rebound may be in store. Technically, the AUD/NZD needs a healthy correction after its deep fall to the multi-year lows. Anti-risk sentiment is the strong driver nowadays. Both kiwi and aussie reacts badly to EM crisis, so this is just the question of who is the bigger looser. The key upside level to watch is 1.0800. If the cross creaks above, the resistance of 1.0837-40 will come into play. The downside is likely to be limited by Friday’s low at 1.0728.
What are today’s key AUD/NZD levels?
Today's central pivot point can be found at 1.0795, with support below at 1.0757, 1.0691 and 1.0653, with resistance above at 1.0861, 1.0899 and 1.0965. Hourly Moving Averages are mixed, with the 200SMA at 1.0641 and the daily 20EMA at 1.0709. Hourly RSI is neutral at 50.