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FxWirePro: AUD/NZD rejected at 1.0801 highs, slips below 200 DMA

  • AUD/NZD rebounded from multi-month lows at 1.0633 hit on Oct 16th, hit session highs at 1.0801

  • But price action was rejected at highs and the pair has edged below 200 DMA at 1.0761 and is currently trading at 1.0734

  • Drop in dairy prices at the recent Fonterra's auction refuels RBNZ rate cut bets next week

  • Kiwi deals with another blow on the day after Fitch lowered Fonterra's senior unsecured rating and long-term issuer default rating to A from AA-

  • On the other hand, Aussie remains underpinned by the latest RBA minutes which sounded upbeat on the Australian economic prospects

  • Immediate resistance for AUD/NZD is located at 1.0761 (200 DMA) ahead of 1.0797 (10 DMA), while support on the downside lies at 1.0724 (Hourly 55 EMA)

Resistance Levels:

R1: 1.0761 (200 DMA) 

R2: 1.0797 (10 DMA)

R3: 1.0808 (Daily Tenkan)

Support Levels:

S1: 1.0724 (Hourly 55 EMA)

S2: 1.0710 (June 10 low)

S3: 1.0650 (Trendline support)

  • Market Data
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