By Admiral Markets
Today we witnessed a slowing growth in the NZ Trade Balance, which fell below forecasts. It has followed a string of positive data from NZ, but as we saw last week, in my opinion. there was a slightly dovish stance from the RBNZ. Despite this, the NZD has made gains against the AUD for the past 3 months, particularly as Iron Ore, Gold and LNG prices have been retreating, thus being negative for the AUD. We are very close to the Daily long term trend line since April 2015, and we might see supports around 1.036.
That being said, the POC zone (D L4, ATR low, trend line, historical buyers) comes within 1.0360-75 and a retrace within the zone should spike the price up. Important level to watch is also 1.0394 and X cross of trend line and D H3. A continuation and daily close above 1.0433 will possibly prolong an uptrend move in the pair targeting 1.0475 and 1.0525. A daily close below 1.0350 could negate this scenario.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
Free Reports:
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
X cross – Important cross of trend line and pivot point
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
Source: AUD/NZD is supported at 1.0360
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