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Trading news
2 Feb 2017
AUD/NZD: Bullish move stalls near 50-DMA
The record Australian trade surplus pushed the AUD/NZD higher for the second day, although the bullish momentum stalled near the 50-DMA level of 1.0469.
On the 4-hour chart, the pair is chipping away at the 200-MA level of 1.0458.
The pair strengthened after Australia’s trade surplus rose to a record high of $3.5 billion in December.
The cross bottomed out at 1.0326 on Jan 31 before turning higher. Moreover, the Aussie has been able to outperform the Kiwi amid broad based USD weakness due to strong commodity prices.
AUD/NZD Technical Levels
A break above the daily high of 1.0466 would expose the 100-DMA level of 1.0502. On the lower side, breakdown of support at 1.0439 (previous day’s high) would shift risk in favor of a drop to 1.0397 (5-DMA).