25 Feb 2015
AUD/NZD: Bigger picture; 1.08 handle needed to alleviate pressures
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0463 with a high of 1.0489 and a low of 1.0442.
AUD/NZD is stalling here, trading in a tight range of 20 pips or so while the Aussie takes a breather on the bid and the New Zealand dollar meets the descending trend line from 0.7575, capped at 0.7520/35 currently at the resistance. From the data today, we had Yellen overnight in the US session beating the same "patient drum", while an unwinding in the greenback took place. Across to this side of the pacific and over in China we had the recent HSBC for February's manufacturing PMI's which lifted spirits and came in beating expectations, 50.1 vs 49.5 and 49.7, supporting the Aussie.
Meanwhile, the cross needs the 1.05 handle to get back into neutral with 1.0570, the New Year resistance likely a requirement to confirm a decent attempt of a minor correction, but 1.0800 would need to be exceed to elevate the downward pressures built up from the 1.1277 (AUD 2014) downtrend.
AUD/NZD is stalling here, trading in a tight range of 20 pips or so while the Aussie takes a breather on the bid and the New Zealand dollar meets the descending trend line from 0.7575, capped at 0.7520/35 currently at the resistance. From the data today, we had Yellen overnight in the US session beating the same "patient drum", while an unwinding in the greenback took place. Across to this side of the pacific and over in China we had the recent HSBC for February's manufacturing PMI's which lifted spirits and came in beating expectations, 50.1 vs 49.5 and 49.7, supporting the Aussie.
Meanwhile, the cross needs the 1.05 handle to get back into neutral with 1.0570, the New Year resistance likely a requirement to confirm a decent attempt of a minor correction, but 1.0800 would need to be exceed to elevate the downward pressures built up from the 1.1277 (AUD 2014) downtrend.