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AUD/NZD: testing support of daily channel; where are the bulls?

FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0023 with a high of 1.1034 and a low of 1.0994.

AUD/NZD downside was playing out until demand supported the cross in the vicinity of 1.10 the figure. We have had some data from Australia in the previous 30 minutes, with building approvals offering a higher revision to July's numbers, and at the same time we had mixed data in private sector credit with a gain y/y and a slow down m/m.

Earlier, for New Zealand, the ANZ activity outlook was stronger than previous coming out at 16.7% vs 12.2% prev while business confidence was still quite low, despite a recovery in Fonterra's prices, albeit scoring an improvement of -18.9 vs -29.1 prev.

AUD/NZD due a reversal within sideways channel?

Technically, AUD/NZD remains in slightly highly negative territory, despite the consolidation. However, the cross remains above the 200 DMA, consolidating the recovery from April lows.

The 20/50 DMAs remain in the middle of the channel while price is testing the downside of the same formation and potentially due a reversal as the price continues to range between resistance and support of the sideways pattern on the daily sticks.

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