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6 Feb 2015
AUD/NZD holds circa 1.0550 after RBA
FXStreet (Bali) - AUD/NZD is still holding above a key demand level between 1.0540 and 1.0470, with the latest RBA SoMP resulting on bounce to 1.0586 session high, which has been followed by a retracement seeking liquidity to 1.0550/55.
From a short term perspective, the chart shows a consolidation pattern since Feb 4, with buyers now in need to break through 1.0590/1.0610 to establish some fresh bullish momentum, with the mentioned area of resistance being assisted by a descending 100 and 200-hourly MA.
On the downside, a wide area of demand is seen from 1.0520 down to 1.0470, with the latter being the land in the sand, which if breached, would provide bears with the upper hand for a potential continuation to the downside towards 1.0430 (Dec 30 low) ahead of 1.04 (Jan 7 low) and 1.0370 recent bear trend lows.
From a short term perspective, the chart shows a consolidation pattern since Feb 4, with buyers now in need to break through 1.0590/1.0610 to establish some fresh bullish momentum, with the mentioned area of resistance being assisted by a descending 100 and 200-hourly MA.
On the downside, a wide area of demand is seen from 1.0520 down to 1.0470, with the latter being the land in the sand, which if breached, would provide bears with the upper hand for a potential continuation to the downside towards 1.0430 (Dec 30 low) ahead of 1.04 (Jan 7 low) and 1.0370 recent bear trend lows.