AUD/NZD Making Higher Highs in the Recovery
AUD/NZD has hunted down the 1hr 100 sma at 1.1226, but has since settled back on the 200 sma on the same time frame at 1.1199.
AUD/NZD is in a recovery drift and hence that price action, working its way up in a grind from recent lows at 1.1148 when the kiwi was performing the best across the board, despite recent surprise action from the RBNZ that cut interest rates again by 25bps. In respect of Australian, the RBA is on hold and Australia's data calendar goes near-silent in the week following the jobs report, as noted by Imre Speizer, analyst at Westpac.
"However, we will hear from the RBA 3 times, most notably a speech by Governor Stevens on Tue."Imre Speizer also explained that RBNZ is expected to ease again by June while also saying that demand for AUD should get a boost from M&A activity. "Risks to this view include the performance of the Chinese stock market and global commodities, which typically affect the AUD more than the NZD."
AUD/NZD levels
AUD/NZD is moving forward in a recovery, ascending from recent aforementioned lows with a high of 1.1231 so far through the 100 sma on the hourly sticks at
1.1226 and R1 at 1.1230. R2 is located at 1.1261 and R3 at 1.1300. To the downside, the pivot is at 1.1191, S1 at 1.1160, S2 at 1.1121 and R3 at 1.1090.
(Market News Provided by FXstreet)
