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AUD/NZD lacking conviction through 1.1200

FXStreet (Barcelona) - AUD/NZD is trading at 1.1198, up 0.22% on the day, having posted a daily high at 1.1220 and low at 1.1163.

AUD/NZD has traded within the vicinity of 1.1200 for the latter part of last month on a second attempt but attempts through the handle lack conviction to date. The bird has traded at a disadvantage with there being the divergences between the two central banks and while New Zealand’s dairy industry is facing a problematic period on price traders are reluctant to commit to long positions in the NZD. However, there is a lot else to keep the nation’s economic upswing strong according to analysts at BNZ. “This includes bright spots in many non-dairy commodity sectors and the suddenly-lower currency”. The analysts further added that the GDP growth is looking especially good given a “booming” construction industry and generally upbeat business sector.

AUD/NZD noteworthy levels

With spot trading at 1.1199, we can see next resistance ahead at 1.1203 (Daily Classic R1), 1.1220, 1.1229 1.1233 (Daily Classic R2) and 1.1260 (Monthly High). Support below can be found at 1.1187 (Weekly Classic PP), 1.1187 (Hourly 100 SMA), and 1.1174.

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