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2 Jun 2015
AUD/NZD rises to 1.08
FXStreet (Mumbai) - The demand for the Aussie spiked, thereby pushing the AUD/NZD pair higher to 1.0801 levels after the RBA policy statement sounded less dovish than expected.
AUD/NZD: Gains capped at 1.0801?
The pair retreated slightly to trade at 1.0781 as the pair ran into offers at 1.0801 levels. Stop orders were reported above the previous session’s high of 1.0790, however, we did not see a sharp extension of the rally since the pair did clock a high of 1.0801 before falling back slightly to 1.0781 levels.
Moreover, the slightly dovish bias expected from the RBA did not come through due to which the Aussie strengthened across the board. However, the RBA did repeat its view on the AUD that it is both necessary and likely that the Australian dollar would depreciate further.
AUD/NZD Technical Levels
The immediate resistance is seen at 1.0801 (May 21 high), above which gains could be extended to 1.0846 (May 18 high). On the flip side, a break below 1.0764 could see the pair re-test 1.0710 (hourly 200-MA).
AUD/NZD: Gains capped at 1.0801?
The pair retreated slightly to trade at 1.0781 as the pair ran into offers at 1.0801 levels. Stop orders were reported above the previous session’s high of 1.0790, however, we did not see a sharp extension of the rally since the pair did clock a high of 1.0801 before falling back slightly to 1.0781 levels.
Moreover, the slightly dovish bias expected from the RBA did not come through due to which the Aussie strengthened across the board. However, the RBA did repeat its view on the AUD that it is both necessary and likely that the Australian dollar would depreciate further.
AUD/NZD Technical Levels
The immediate resistance is seen at 1.0801 (May 21 high), above which gains could be extended to 1.0846 (May 18 high). On the flip side, a break below 1.0764 could see the pair re-test 1.0710 (hourly 200-MA).