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AUD/NZD picking up the pace on 1.10 handle

FXStreet (Guatemala) - AUD/NZD is trading at 1.1044, up 0.44% on the day, having posted a daily high at 1.1046 and low at 1.0990.

AUD/NZD has picked up the pace, taking advantage of New Zealand’s pre-election fiscal update as the NZ Treasury cuts the 2014/15 surplus forecast to NZ$297m vs. NZ$372m, while the 2015/16 surplus forecast had been downsized to NZ$ 818m from $NZ 1.26bn. we also get from the treasury that they are forecasting 2014-15 growth that has been reduced to 3.6% vs 4%, and to 2.6% in 2015-16. Meanwhile, the hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 81.08, up from 74.51 at the last hour close, while ADX is ranging at 20.93, down from 24.29 previous.

AUD/NZD hourly levels

Spot is presently trading at 1.1046, and next resistance can be seen at 1.1047 (Daily Classic R3), 1.1090 (Weekly Classic R2), 1.1152 (Weekly Classic R3) and 1.1614 (Annual High). Next support to the downside can be found at 1.1037 (Weekly Classic R1), 1.1024 (Daily Classic R2) and 1.1014 ahead of the psychological 1.1000.

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