FxWirePro: AUD/USD pauses 4-day winning streak, trades weaker on downbeat China GDP and Industrial Production data
FxWirePro: AUD/NZD consolidates above 200-DMA, watch out for cloud breakout for upside continuation
AUD/NZD chart - Trading View
AUD/NZD was trading 0.12% higher on the day at 1.0735 at around 10:40 GMT, outlook turning bullish.
Price is consolidating break above 200-DMA and is attempting cloud breakout which could buoy bulls in the pair.
Australian dollar failed to receive any boost from mixed Australian trade and retail sales data.
Australia’s Retail Sales missed expectation of 0.6% month on month and printed at 0.5% compared to 0.6 in the previous month.
Australia January balance of goods and services arrived at A$+10,142 mln versus 6,500M expected and 6,785 prior.
Further, slump in copper and other base metal prices weighs on the antipodeans and keeps trade suppressed.
RSI is at 53 levels and supports the positive momentum. Breakout at daily cloud top will buoy bulls. Scope for test of Triangle top at 1.0795.