AUD/NZD Back Above 1.12 Mark, Intraday Bias Remains Neutral
- Pair is currently trading around 1.1240 levels.
- Pair made intraday high at 1.1254 and low at 1.1160 marks.
- Pair remains volatile during the Asian session as both the countries have released key economic data.
- New Zealand’s GDP expanded by 0.9% in the three months to December from the previous quarter, unchanged from the growth rate of the third quarter.
- In Australia jobs data showed a gain of 3,000 jobs in February, less than the 10,000 expected and an unemployment rate at 5.8%, below the 6.0% expected.
- Intraday bias remains neutral for the moment.
- Pair fails to find support above 1.13 and dragged the parity down to 1.1160 levels.
- A daily close above key resistance at 1.1298 will drag the parity towards 1.1590 marks.
- Alternatively, reversal from key resistance suggests down side correction and will take the parity towards key support levels around 1.1170/ 1.1064 levels thereafter.
We prefer to take short position in AUD/NZD around 1.1270, stop loss 1.1317 and target 1.1160/1.1065 marks.
The material has been provided by InstaForex Company - www.instaforex.com
