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AUD/NZD licking it’s wounds below 1.10 handle

FXStreet (Guatemala) - AUD/NZD is trading at 1.0957, down -0.02% on the day, having posted a daily high at 1.0968 and low at 1.0941.

AUD/NZD is consolidating the drop below the 1.10 handle on a slow start to the week. However events will start to come in and in respect of data for the Aussie, we will see a handful of second tier sentiment survey’s in this weeks calendar as well as focus shifting towards China’s Industrial Production PMI numbers with consensus that looks for a modest pullback to 9.1%. We also will get their retail sales year on year for July.

NZD weighed by RBNZ pausing signals

For the kiwi, Imre Speizer, analyst at Westpac Banking Corporation ABN explained that they expect downward pressure to remain on NZ interest rates given the RBNZ pause signal, and the weakness in dairy prices could persist for a few months yet. “This week’s NZ calendar will hold only moderate interest for markets. Electronic retail spending (Mon), REINZ house market (same day), manufacturing PMI (Tue), and Q2 retail sales volume (Thu) comprise the week”.

AUD/NZD hourly levels

Current price is 1.0960, with resistance ahead at 1.0974 (Hourly 200 SMA) and (Hourly 100 SMA). Next support to the downside can be found at 1.0954 (Hourly 20 EMA) and 1.0940 (Daily Classic S1).

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