25 Sep 2013
AUD/NZD breaks through limits to 1.1399 highs
FXstreet.com (Chicago) - AUD/NZD broke through immediate resistance to print new session highs at 1.1399, close to 1.14 zone. The pair advanced on kiwi’s weakening after worse than expected trade balance results in NZ.
Fundamentals
In New Zealand, the trade balance for August (MoM) was $-1101M vs. past $-774M and expected $-743M. The annual balance was $-2.06B vs. expected $-1.62B and past $-1.69B. The RBA said the banking system was liquid and in good shape with decent housing market data results.
AUD/NZD Technical Levels
Price action reveals the extension of an upward trendline originating last September 20th. The pair has strengthened 0.50% and consolidates above the 1.1380 zone, targeting consolidation above the 1.1390 level with aim at 1.14. Offered at 1.1386, the pair navigates between supports aligned at 1.1380 (September 18th highs), 1.1324 (September 19th highs) followed by 1.1280 (September 23rd highs) and the resistances set at 1.1435 (September 16th highs), 1.1483 (September 9th lows) ahead of 1.1551 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and flows above the EMA20.
Fundamentals
In New Zealand, the trade balance for August (MoM) was $-1101M vs. past $-774M and expected $-743M. The annual balance was $-2.06B vs. expected $-1.62B and past $-1.69B. The RBA said the banking system was liquid and in good shape with decent housing market data results.
AUD/NZD Technical Levels
Price action reveals the extension of an upward trendline originating last September 20th. The pair has strengthened 0.50% and consolidates above the 1.1380 zone, targeting consolidation above the 1.1390 level with aim at 1.14. Offered at 1.1386, the pair navigates between supports aligned at 1.1380 (September 18th highs), 1.1324 (September 19th highs) followed by 1.1280 (September 23rd highs) and the resistances set at 1.1435 (September 16th highs), 1.1483 (September 9th lows) ahead of 1.1551 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and flows above the EMA20.