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AUDNZD Looks Poised For More Gains

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Aayush Jindal

AUDNZD Looks Poised For More Gains

Key Highlights

  • Australian Dollar rocketed higher against the New Zealand Dollar and traded above the 1.1000 area.
  • There was a resistance trend line formed on the 4-hours chart, which was breached recently by the bulls.
  • New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand posted a reading of 0.7% in Feb 2016.
  • In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose by 9.3%.

AUDNZD Technical Analysis

The Aussie Dollar enjoyed a nice ride against the Kiwi dollar recently, and also managed to clear a resistance trend line formed on the 4-hours chart. The pair traded as high as 1.1036 where it found sellers and after a few economic releases, there was a downside reaction in the pair.AUDNZDThe pair is currently testing the broken trend line and resistance area, which may act as a support for the pair. If the bulls fail to hold it, then a move towards the lower bullish trend line is possible in the near term.On the upside, an initial resistance is around the 1.1000, followed by the recent high of 1.1036.

New Zealand Electronic Card Retail Sales

Today, the Electronic Card Retail Sales, which measures purchases made in New Zealand on debit, credit and store cards was as reported by Statistics New Zealand. The outcome was positive as there was an increase of 0.7% in Feb 2016, compared with the previous month.In terms of the yearly change, the New Zealand Electronic Card Retail Sales increased 9.3%. The report added that “The total value of electronic card spending, including the two non-retail industries (services, and other non-retail), was down 0.1 percent in February. This follows a rise of 0.6 percent in January 2016”.

Australia’s Home Loans

In Australia, the Home Loans report, which presents the number of home loans was released by the Australian Bureau of Statistics. The report was disappointing, as there was a decrease of 3.9% noted in the home loans, which was lower compared with the market forecast.Overall, we need to see whether the AUDNZD pair can maintain gains or not moving ahead. If the current break is a false one, then we may witness some correction in the near term.
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