26 Sep 2013
AUD/NZD downwards on a corrective pullback
FXstreet.com (Athens) - The AUD/NZD is moving downwards on soft bourses, having been capped by 1.1400 for third time.
The AUD/NZD driven downwards on softer bourses, dismal Australian data
The AUD/NZD didn’t manage to overcome the hurdle as of 1.1400 for a third successive time. This might be well attributed to a lot of things, but mostly to softer bourses, weak Australian data, as well as on the fact that markets seem to have overcome the release of weak New Zealand’s GDP. Today, the job vacancies in Australia jumped vastly, as the data released showed a (+3.1%) versus the previous read (-7.3%). In addition, investors don’t seem to put much faith in Australia anymore, as the data released showed that “foreign deposits at Aussie banks dropped A$16.3 Billions in the second quarter of 2013. Foreigners sold net A$1.5 billions in Aussie bank bonds while foreign holdings of Aussie bonds stood at A$64.2 billions in second quarter versus A$67.7 Billion the previous quarter. Last but not least, investors should always bear in mind that as Baltic Dry Index goes up the “Aussie” may got lifted as bulk shipping activity at key commodity ports around the world has undergone a reasonably strong improvement in the last 6 months.
Technical Outlook and Strategic Bias on AUD/NZD
The pair didn’t manage to break the crucial resistance as of 1.1400 and now seems to have caught in a relentless downtrend. Obviously at the pair didn’t manage to break the resistance not only of the 1.1400 key area zone, but also and mainly of the 50-DMA at 1.1413 bearish trend might prevail showing that the upward movement above 1.1200 was nothing more than a bounce.
The AUD/NZD driven downwards on softer bourses, dismal Australian data
The AUD/NZD didn’t manage to overcome the hurdle as of 1.1400 for a third successive time. This might be well attributed to a lot of things, but mostly to softer bourses, weak Australian data, as well as on the fact that markets seem to have overcome the release of weak New Zealand’s GDP. Today, the job vacancies in Australia jumped vastly, as the data released showed a (+3.1%) versus the previous read (-7.3%). In addition, investors don’t seem to put much faith in Australia anymore, as the data released showed that “foreign deposits at Aussie banks dropped A$16.3 Billions in the second quarter of 2013. Foreigners sold net A$1.5 billions in Aussie bank bonds while foreign holdings of Aussie bonds stood at A$64.2 billions in second quarter versus A$67.7 Billion the previous quarter. Last but not least, investors should always bear in mind that as Baltic Dry Index goes up the “Aussie” may got lifted as bulk shipping activity at key commodity ports around the world has undergone a reasonably strong improvement in the last 6 months.
Technical Outlook and Strategic Bias on AUD/NZD
The pair didn’t manage to break the crucial resistance as of 1.1400 and now seems to have caught in a relentless downtrend. Obviously at the pair didn’t manage to break the resistance not only of the 1.1400 key area zone, but also and mainly of the 50-DMA at 1.1413 bearish trend might prevail showing that the upward movement above 1.1200 was nothing more than a bounce.