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AUD/NZD finally gains some support at 1.1220

FXStreet (Guatemala) - AUD/NZD is trading at 1.1235, down -0.14% on the day, having posted a daily high at 1.1260 and low at 1.1216.

The cross has been a heavy offer since last weeks close but is starting to form a base here on key support. Meanwhile, today we are all about Australia. ABS has announced it is going to reveal revised estimates of seasonally adjusted employment and unemployment from Dec 2013 to Sep 2014. We also have data of the retails sales for Sep and trade balance as well as the RBA. However, not much is expected from this meeting as the Q3 CPI has not been a game changer as Sean Callow, analyst at Westpac Banking Corporation ABN noted. “Housing remains solid but not necessarily bubbly while employment has been simply confusing. We look for the retention of key phrases: AUD “remains high by historical standards” and “the most prudent course is likely to be a period of stability in interest rates.” The statement should pass with little or no market impact”. Callow went on to advise that Friday’s Statement on Monetary Policy should be more enlightening on whether markets should be pricing a 40% chance of another rate cut by July 2015.

AUD/NZD noteworthy levels

With spot trading at 1.1236, we can see next resistance ahead at 1.1245 (Weekly Classic PP), 1.1249 (Hourly 20 EMA) and 1.1265 (Daily Classic PP). Support below can be found at 1.1233 (Hourly 100 SMA), 1.1226 (Daily Classic S1), 1.1222 (Yesterday's Low), 1.1216 (Daily Low) and 1.1199 (Hourly 200 SMA).

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