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31 Aug 2015
AUD/NZD consolidates strong rally; concerns for RBNZ for business sector?
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.1116 with a high 1.1137 of and a low of 1.1039.
Concerns for RBNZ for business sector?
AUD/NZD is consolidating the upside on profit on the back of the ANZ Business Confidence resulting in a strong rally of circa 70 pips and highest level scored since Black monday's spike to 1.1422. The numbers came in as -29.1 vs -15.3 in a series of weakness weighing on the bird and the economies outlook, and something that the RBNZ will take into consideration at their next meeting. However, analysts at ANZ explained, such readings in themselves do not mean the economy is becalmed. "Political vagaries, the weather, those winter blues, and the general feel-good (or not) factor can throw headline numbers around; it is what businesses are doing and feeling about their own business that matters most."
The pair rallied from 1.1062 to 1.1134 over the hourly stick on the release. The big risk events come in the RBA and Nonfarm Payrolls this week, and then the RBNZ later in the month while China remains a focus for concern and will be closely monitored.
AUD/NZD is technically in to bullish territory but runs the risk of supply after the knee jerk bid, albeit with the daily MACD is turning more positive towards 0.0000 from 0.0018 negative. The unit trades between a sideways channel on the daily chart after the golden cross on the bullish gap from 1.0711 daily lows with 1.09 supports with a potential of breaking the 50 DMA, currently at 1.1147.
Concerns for RBNZ for business sector?
AUD/NZD is consolidating the upside on profit on the back of the ANZ Business Confidence resulting in a strong rally of circa 70 pips and highest level scored since Black monday's spike to 1.1422. The numbers came in as -29.1 vs -15.3 in a series of weakness weighing on the bird and the economies outlook, and something that the RBNZ will take into consideration at their next meeting. However, analysts at ANZ explained, such readings in themselves do not mean the economy is becalmed. "Political vagaries, the weather, those winter blues, and the general feel-good (or not) factor can throw headline numbers around; it is what businesses are doing and feeling about their own business that matters most."
The pair rallied from 1.1062 to 1.1134 over the hourly stick on the release. The big risk events come in the RBA and Nonfarm Payrolls this week, and then the RBNZ later in the month while China remains a focus for concern and will be closely monitored.
AUD/NZD is technically in to bullish territory but runs the risk of supply after the knee jerk bid, albeit with the daily MACD is turning more positive towards 0.0000 from 0.0018 negative. The unit trades between a sideways channel on the daily chart after the golden cross on the bullish gap from 1.0711 daily lows with 1.09 supports with a potential of breaking the 50 DMA, currently at 1.1147.