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29 Aug 2013
AUD/NZD extends downward flow; capped at 1.1430
FXstreet.com (Chicago) - AUD/NZD loses 0.07% so far after the release of housing market data in Australia and business confidence assessments in New Zealand.
Mixed results
In Australia, public releases accounted for the HIA new home sales results (MoM) at -4.7% vs. past 3.4% and private capital expenditures for the second quarter of the year at 4.0% vs. previous -4.1% and estimates at 0.2%. In New Zealand, the RBNZ business confidence assessment was 48.1% vs. past 52.8%.
AUD/NZD Technical Levels – bearish bias
Price action reveals a pair that continues trading at 5-year lows despite bulls’ attempts to recover losses partially. After reaching 1.1430 zone twice within the last couple of hours, the pair continues retracing to trade at 1.1450 between supports at 1.1438 (session lows) followed by 1.1414 (August 21st lows) and 1.1376 (August 16th highs) and resistances aligned at 1.1463 (August 28th lows), 1.1489 (August 26th lows) ahead of 1.1508 (August 23rd lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and is offered below the EMA20.
Mixed results
In Australia, public releases accounted for the HIA new home sales results (MoM) at -4.7% vs. past 3.4% and private capital expenditures for the second quarter of the year at 4.0% vs. previous -4.1% and estimates at 0.2%. In New Zealand, the RBNZ business confidence assessment was 48.1% vs. past 52.8%.
AUD/NZD Technical Levels – bearish bias
Price action reveals a pair that continues trading at 5-year lows despite bulls’ attempts to recover losses partially. After reaching 1.1430 zone twice within the last couple of hours, the pair continues retracing to trade at 1.1450 between supports at 1.1438 (session lows) followed by 1.1414 (August 21st lows) and 1.1376 (August 16th highs) and resistances aligned at 1.1463 (August 28th lows), 1.1489 (August 26th lows) ahead of 1.1508 (August 23rd lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and is offered below the EMA20.