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AUD/NZD: Holds above 1.11, key daily MAs

FXStreet (Bali) - AUD/NZD has barely blink, currently at 1.1117, after the NAB business confidence/conditions report, which saw both indicators coming below last month's readings.

On Monday, the pair printed a doji candle on the daily, a communication of indecision by market participants, following equally solid bullish performances on both AUD/USD and NZD/USD fronts. However, the three consecutive topside failures above 1.1250 has led bulls on AUD/NZD to take the back seat, although not all is lost in the short term, as price keeps holding above the 20 and 50-day EMAs.

On the hourly chart, price is presently being capped by the 50-EMA, in a technical picture in which as long as 1.1180/1.12 is not breached (100/200-hourly EMA protect the area), sellers should continue to remain active. Only a break above 1.12 would allow a retest of recent highs, while on the downside, a break of Monday's low which may open up further room to the downside, although one should be in a watchful position for clusters of bids right underneath as 1.1040/50 represents a daily parallel support ahead of 1.10.

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