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12 Jun 2014
AUD/NZD tumbles to test 1.09 bids
FXStreet (Bali) - AUD/NZD is testing a critical support area circa 1.09 following the decision by the RBNZ to hike rates by 25bp to 3.25%.
While the technical picture in the AUD/NZD has improved markedly in the last few weeks, especially after the overshooting of the 1.09 past resistance, it is now important that bulls can keep prices above this mentioned demand zone or otherwise risks are increasing for a potential acceleration of the selling pressure.
On the heels of the RBNZ rate call, the next risk event for the pair comes at 1.30 GMT on Australian jobs report, with expectations looking for 10k jobs created, although more pessimism surrounds the jobless rate, with a Reuters survey projecting an increase to 5.9% vs 5.8%.
While the technical picture in the AUD/NZD has improved markedly in the last few weeks, especially after the overshooting of the 1.09 past resistance, it is now important that bulls can keep prices above this mentioned demand zone or otherwise risks are increasing for a potential acceleration of the selling pressure.
On the heels of the RBNZ rate call, the next risk event for the pair comes at 1.30 GMT on Australian jobs report, with expectations looking for 10k jobs created, although more pessimism surrounds the jobless rate, with a Reuters survey projecting an increase to 5.9% vs 5.8%.