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- AUD/NZD Price Analysis: Fades bounce off three-month-old support near 1.1100 on firmer NZ PMI
AUD/NZD Price Analysis: Fades bounce off three-month-old support near 1.1100 on firmer NZ PMI
- AUD/NZD struggles to extend the previous day’s bounce off short-term key support.
- Business NZ PMI rose to 52.9 in May versus 52.7 expected.
- Sluggish oscillators, upbeat NZ data favor sellers but 50-DMA adds to the downside filters.
- Bulls need to cross descending resistance line from early May for conviction.
AUD/NZD steadies around 1.1080, pausing the recovery from a three-month-old support line, after New Zealand (NZ) data came in firmer during early Friday.
That said, the Business NZ PMI rose past 52.7 forecasts and 51.2 prior, to 52.7 during May.
The firmer NZ data joins sluggish MACD and steady RSI to weigh on the AUD/NZD prices.
However, the 50-DMA level of 1.1005 acts as an extra challenge for the pair bears, in addition to the immediate support line near 1.1020.
Should the quote drops below 1.1005, the 1.1000 psychological magnet may act as an extra filter to the south before directing the quote towards late May’s swing low around 1.0920.
Alternatively, recovery moves could aim for 1.1125-30 ahead of challenging a downward sloping resistance line from May 04, close to 1.1175 by the press time.
In a case where the AUD/NZD prices rally beyond 1.1175, bulls can aim for 2017 peak surrounding 1.1290.
AUD/NZD: Daily chart
Trend: Further weakness expected
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