AUD/NZD – Near Term Support Levels

AUD/NZD – Near Term Support Levels

AUD/NZD – Near Term Support Levels

We’re currently long AUD/NZD and thought it would be worthwhile to look at the chart from a shorter term basis. For the first time since mid-December AUD/NZD broke above the 20-day SMA. While there’s overhand resistance at 1.0480 (created by the 50 and 100-day SMA cross) the MACD is crossing to the upside and the 4 hour charts show support between 1.0400 and 1.0430.

Fundamentally AUD was the day’s best performing currency thanks to the rebound in gold prices and the slide in the U.S. dollar. The AU-NZ yield spread also moved significantly in favor of +AUD/NZD. Tonight Australia’s PMI services report is scheduled for release and if the PMI manufacturing index is a guide, the data should be stronger.

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