AUD/NZD: Aussie Dollar Poised For Downsides
Titan FX | Mar 21, 2016 10:07PM ET
Key Highlights
· Aussie dollar recently moved closer to the 1.1230 area against the New Zealand dollar where it found sellers and moved down.
· There was a bullish trend line formed on the hourly chart of the AUD/NZD pair, which was broken to open the doors for more losses.
· Today, the Australian House Price Index released by the Australian Bureau of Statistics posted a reading of 0.2% in the 4th quarter of 2014.
· In terms of the yearly change, the Australian House Price Index posted a reading of 8.7%.
AUD/NZD Technical Analysis
The Australian dollar looks like recently completed a correction phase against the New Zealand dollar. The AUD/NZD pair traded close to the 50% fib retracement level of the last drop from the 1.1317 high to 1.1148 low where it found sellers and moved down.
There was a bullish trend line formed on the hourly chart of the AUD/NZD pair, which was broken to ignite the downside move recently.
The pair is also below the 100 and 200 hourly simple moving averages, which may later act as a resistance area in the short term. Overall, more losses are possible moving ahead in AUD/NZD.
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