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Forex Flash: AUD/NZD ready for a tactical rally towards 1.2470 - ANZ

“News today that China destroyed NZ milk cargoes, although not unexpected nor unprecedented, will provide a psychological base in AUD/NZD and coalesce with fundamental factors to see the cross higher in coming weeks,” David Croy & Andrew Salter at ANZ Research said today in a note to clients, while AUD/NZD printed fresh 3-day highs at 1.2280.

“After several weeks of soggy price action, the cross is ripe for a correction, supported by what we expect will be a re-assessment of the market’s monetary policy expectations,” the analysts expand, adding: “We recommend being long AUD/NZD from current levels, looking for a tactical rally back towards 1.2470, with a stop at 1.2140.”

Forex: RBA will need to cut rates further - NAB

RBA minutes have been released 3 hours ago, and AUD/USD has been capped below fresh weekly highs at 1.0331, previous Thursday's lows price zone, last at 1.0320. According to NAB: “The RBA notes the persistently high AUD and our analysis suggests that more rate cuts will be required, as well as a pull-back in the AUD, to see growth move back to trend in 2014,” the analysts say, expecting still “three rate cuts ahead.”
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Forex: USD/JPY back to session lows above 93.60

With Nikkei again to the downside following lunch break in Tokyo, last a -0.43% lower for the day around the 11360 points, USD/JPY is also having some selling pressure last at 93.64, near previous session lows at 93.56 printed moments before BoJ minutes release, on comments from Japanese officials.
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