20 Jan 2015
AUD/NZD pressures mounting sub 1.0580?
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0555 with a high of 1.0563 and a low of 1.0536.
AUD/NZD's advances in defence of the bearish gap at the opening of the week was short lived and the downside is now gathering momentum pressing down through the mid point of the 1.05 handle. The Kiwi however isn't in charge at this point; This is the Aussie faltering beyond 0.8220 resistance while bears, for another attempt, try to persuade a position to come in under the key and psychological handle of 0.82 in an extension of losses from three pips shy of 0.8300, the highest level reached since 12/12/2014.
With a lack of concrete impetus behind the move in the cross currently, conviction may only come about when the calendar kicks in. We start today with the Chinese and an array of data releases from GDP, Industrial Production and Retails sales as the main highlights. Then further into the week, we look to NZ CPI and Aussie Consumer Confidence before this week's showdown, that is the ECB meeting. It is widely expected for the ECB to commence sovereign QE and volatility around the event is likely to be felt across the board of currencies.
AUD/NZD's advances in defence of the bearish gap at the opening of the week was short lived and the downside is now gathering momentum pressing down through the mid point of the 1.05 handle. The Kiwi however isn't in charge at this point; This is the Aussie faltering beyond 0.8220 resistance while bears, for another attempt, try to persuade a position to come in under the key and psychological handle of 0.82 in an extension of losses from three pips shy of 0.8300, the highest level reached since 12/12/2014.
With a lack of concrete impetus behind the move in the cross currently, conviction may only come about when the calendar kicks in. We start today with the Chinese and an array of data releases from GDP, Industrial Production and Retails sales as the main highlights. Then further into the week, we look to NZ CPI and Aussie Consumer Confidence before this week's showdown, that is the ECB meeting. It is widely expected for the ECB to commence sovereign QE and volatility around the event is likely to be felt across the board of currencies.