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AUD/NZD basing out mid 1.10 handle for now

FXStreet (Guatemala) - AUD/NZD is trading at 1.1046, up 0.05% on the day, having posted a daily high at 1.1051 and low at 1.1039.

AUD/NZD is stacking up bids on the lower half of the 1.10 handle as the bearish trend is wearing thin through 1.1100 with the hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is only slightly bearish here with price holding on 1.1040 support. We are awaiting the key dairy auction coming up 12GMT and this will be the last chance for prices to bounce off the yearly lows before Fonterra’s release it’s next pay-out forecast announcement (due 24 September). Meanwhile, the RBA can be pleased that the Aussie is coming off with the recent break below 0.90 against the greenback which is significant on a psychological basis and may act as a catalyst for renewed confidence in the bears commitment to the downside.

AUD/NZD near term levels

With spot trading at 1.1047, we can see next resistance ahead at 1.1055 (Hourly 20 EMA) 1.1096 (Daily Classic PP) and 1.1100. Support below can be found at 1.1039, 1.1036 and 1.1027 (Daily Classic S2).

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