Chart - Courtesy Trading View
Spot Analysis:
AUD/NZD was trading 0.22% higher on the day at 1.0770 at around 05:50 GMT
Previous Week's High/ Low: 1.0742/ 1.0665
Previous Session's High/ Low: 1.0755/ 1.0718
Fundamental Overview:
Australia’s Building Permits slumped -27.9% during January, versus -3.5% expected and 8.2% in the prior month.
Trade Balance for the said month rose to 12891M compared to 9050M market consensus and 8356M prior.
Details of the report showed Exports rose by 8.0% versus the previous growth of 1.0% whereas Imports shrank 2.0% versus the previous growth of 5.0%.
Technical Analysis:
- AUD/NZD is extending break above weekly cloud
- Momentum is strongly bullish, Stochs and RSI are sharply higher
- GMMA indicator shows major and minor trend are strongly bullish
- MACD is on verge of bullish crossover on signal line, ADX supports upside
- Price action is above daily and weekly cloud and Chikou span is biased higher
Major Support and Resistance Levels:
Support levels - 1.0720 (21-EMA), Resistance levels - 1.0815 (Channel Top)
Summary: AUD/NZD trades with a bullish bias. The pair is poised for further gains. Scope for test of channel top at 1.0815.
