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Chart - Courtesy Trading View
Spot Analysis:
AUD/NZD was trading 0.16% higher on the day at 1.0416 at around 07:00 GMT
Previous Week's High/ Low: 1.0411/ 1.0329
Previous Session's High/ Low: 1.0411/ 1.0370
Fundamental Overview:
The antipodeans buoyed by better than expected Chinese retail sales and industrial output data and weakness in their U.S. counterpart.
Data released earlier in the day showed China's industrial output and retail sales in October beat forecast, growing 3.5% and 4.9% respectively from the same period a year ago.
Investors look forward to RBA Governor Lowe's speech and RBA minutes for further impetus.
Focus also on Joe Biden and Xi Jinping virtual summit on Monday which is intended to halt or slow down the downward spiral in US-Chinese relations.
Technical Analysis:
- AUD/NZD on a bullish streak for the 4th consecutive session
- 5-DMA is sharply higher, price action has edged above 200H MA
- Stochs confirm a bullish rollover from oversold levels, RSI is biased higher
- MACD is on verge of bullish crossover on signal line
Major Support and Resistance Levels:
Support - 1.0389 (200H MA), 1.0380 (5-DMA), 1.0339 (Lower BB)
Resistance - 1.0416 (21-EMA), 1.0440 (Daily cloud), 1.0442 (55-EMA)
Summary: AUD/NZD was trading with a bullish bias. Price action is testing 21-EMA resistance at 1.0416. Next bull target lies at 55-EMA at 1.0442. Decisive break above to confirm upside continuation.
