29 May 2014
AUD/NZD: Danger of a 2014 range breakout
FXStreet (Bali) - AUD/NZD is yet again pushing against sticky resistance area at 1.09/1.0950.
The Q1 Australian capex, while disappointing, brought some positive surprise on future investment estimates, which came above market expectations, thus market saw it as a positive input for the Aussie.
If to the resurgence of the Australian Dollar we combine a weakening NZD, with its technical otlook damaged after a losing the 0.85 mark against the USD, the result is an AUD/NZD which continues to launch serious threats of breaking away from its 2014 range of 4 cents between 1.0550 and 1.0950.
On the daily chart, one can observe how long players have managed to protect an important 1.0650 support level ever since finding a double bottom, with each rejection off the mentioned resistance carrying lesser degree of conviction by sellers.
The Q1 Australian capex, while disappointing, brought some positive surprise on future investment estimates, which came above market expectations, thus market saw it as a positive input for the Aussie.
If to the resurgence of the Australian Dollar we combine a weakening NZD, with its technical otlook damaged after a losing the 0.85 mark against the USD, the result is an AUD/NZD which continues to launch serious threats of breaking away from its 2014 range of 4 cents between 1.0550 and 1.0950.
On the daily chart, one can observe how long players have managed to protect an important 1.0650 support level ever since finding a double bottom, with each rejection off the mentioned resistance carrying lesser degree of conviction by sellers.