Monday, September 14, 2015

AUD/NZD bullish bias intact on 20 SMA 1.1216 support

FXStreet (Guatemala) - AUD/NZD has staged a good run to the upside on the 1.12 handle at the start of this week accelerating a steeper bullish trend from the lows seen earlier in the month.

AUD/NZD rallied from the lows of the 9th September at 1.0935 and closed last week in a consolidation of the rally between 1.1180 and 1.1240. Today, the cross has made a new high of 1.1258 as it chips away at the upside. The bird is lower on the back of a dovish RBNZ who is on the look out for reasons to cut rates substantially if need be while jawboning the currency lower at the same time.

AUD/NZD awaits RBA minutes

The RBA, on the other hand, remains cautiously bullish on the outlook of the economy while leaving rates on hold and monitoring the situation. The RBA minutes will be revealed to give further insight on the matter while the main event for the week will lie with the FOMC.

AUD/NZD levels

Technically, price has been supported on the 50 SMA at 1.1208 and moves higher from the 20 SMA on the same time from at 1.1216 keeping a bullish bias intact at the start of the week. The RSI is at 60 on the hourly sticks leaving room to go yet on momentum targeting R2 at 1.1280 and R3 at 1.1318. Support comes at aforementioned MA's that guard 1.1104 R3.
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