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3 Jun 2014
AUD/NZD faces key events
FXStreet (Guatemala) - AUD/NZD is trading at 1.0942, up 0.04% on the day, having posted a daily high at 1.0952 and low at 1.0933.
AUD/NZD faces a busy day ahead with the data roll for Australia taking the stage, which will roll out over the next few days. Strategists at RBS noted the RBA decision that is due today and leads off a busy event week in Australia that also includes first quarter GDP growth, and the April trade balance and retail sales.
AUD/NZD risk events begin with Australia
The RBS strategist's commented and explained, “We see a risk that the RBA expresses heightened concern about the strength of the AUD at the June meeting. The relatively rapid slide in iron ore prices in particular, paired with the Bank's slightly lower growth forecasts released in the SoMP, may leave the Bank more concerned with recent strengthening of the AUD. Still, looking beyond the RBA decision we anticipate the domestic data should come in on the positive side, which along with the improvement in the manufacturing PMI in China, may keep upward pressure on Australian rates and the AUD despite risks that the RBA sounds more concerned about the AUD. In China, the HSBC measure of manufacturing PMI for May is released along with the official non-manufacturing PMI for May”.
AUD/NZD Levels
With spot trading at 1.0942, we can see next resistance ahead at 1.0952 (Daily High), 1.0961 (Daily Classic PP), 1.0966 (Monthly High), 1.0966 (Weekly High) and 1.0966 (YTD High). Support below can be found at 1.0939 (Daily Open), 1.0936 (Hourly 20 EMA), 1.0936 (Daily Classic S1), 1.0933 (Daily Low) and 1.0921 (Daily Classic S2).
AUD/NZD faces a busy day ahead with the data roll for Australia taking the stage, which will roll out over the next few days. Strategists at RBS noted the RBA decision that is due today and leads off a busy event week in Australia that also includes first quarter GDP growth, and the April trade balance and retail sales.
AUD/NZD risk events begin with Australia
The RBS strategist's commented and explained, “We see a risk that the RBA expresses heightened concern about the strength of the AUD at the June meeting. The relatively rapid slide in iron ore prices in particular, paired with the Bank's slightly lower growth forecasts released in the SoMP, may leave the Bank more concerned with recent strengthening of the AUD. Still, looking beyond the RBA decision we anticipate the domestic data should come in on the positive side, which along with the improvement in the manufacturing PMI in China, may keep upward pressure on Australian rates and the AUD despite risks that the RBA sounds more concerned about the AUD. In China, the HSBC measure of manufacturing PMI for May is released along with the official non-manufacturing PMI for May”.
AUD/NZD Levels
With spot trading at 1.0942, we can see next resistance ahead at 1.0952 (Daily High), 1.0961 (Daily Classic PP), 1.0966 (Monthly High), 1.0966 (Weekly High) and 1.0966 (YTD High). Support below can be found at 1.0939 (Daily Open), 1.0936 (Hourly 20 EMA), 1.0936 (Daily Classic S1), 1.0933 (Daily Low) and 1.0921 (Daily Classic S2).