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20 Aug 2013
AUD/NZD, selling on bounces name of the game
FXstreet.com (Chicago) - AUD/NZD marks 0.01% daily gains after reaching bottoms around 1.1240 zone and peaks above 1.1298 throughout Monday’s trading session. Ahead of the RBNZ speech, the pair points higher.
Is it all about perception after all
Aiming to “cool an over-heating housing market”, RBNZ Governor Wheeler is expected to explain the role of the macro-prudential policy in the country during his speech starting at 2:00 GMT. Earlier in July, the Governor had stated that the “removal of monetary stimulus will likely be needed in the future” as facts seem to indicate that housing markets may have already gone through their burgeoning phase. It is unclear how market participants may react to Wheeler’s words and the bank’s policies as evidenced by a volatile Monday journey that summed minimal gains after hitting tops and bottoms. In Australia, the Aussie was smashed across the board.
Technical Levels, Aussie rising
Technically speaking, the pair trades at 1.1291 between supports at 1.1282 (July 30th lows), 1.1264 (August 8th lows) and 1.1243 (October 14th, 2007 lows) and resistances at 1.1293 (August 2nd lows) followed by 1.1314 (January 2008 lows) and ahead of 1.1337 (April 2008 lows). According to the FXstreet.com trend index the pair is slightly bullish on one-hour timeframe analysis despite trading below the EMA20.
Is it all about perception after all
Aiming to “cool an over-heating housing market”, RBNZ Governor Wheeler is expected to explain the role of the macro-prudential policy in the country during his speech starting at 2:00 GMT. Earlier in July, the Governor had stated that the “removal of monetary stimulus will likely be needed in the future” as facts seem to indicate that housing markets may have already gone through their burgeoning phase. It is unclear how market participants may react to Wheeler’s words and the bank’s policies as evidenced by a volatile Monday journey that summed minimal gains after hitting tops and bottoms. In Australia, the Aussie was smashed across the board.
Technical Levels, Aussie rising
Technically speaking, the pair trades at 1.1291 between supports at 1.1282 (July 30th lows), 1.1264 (August 8th lows) and 1.1243 (October 14th, 2007 lows) and resistances at 1.1293 (August 2nd lows) followed by 1.1314 (January 2008 lows) and ahead of 1.1337 (April 2008 lows). According to the FXstreet.com trend index the pair is slightly bullish on one-hour timeframe analysis despite trading below the EMA20.