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1 Feb 2018

AUD/NZD knee-jerks on Aussie data, corrects following China PMI

  • AUD/NZD reacts to AZ Building Permits, drops to 1.0915.
  • Price regains composure as Tokyo churns on.

AUD/NZD is once again trading around 1.0940 as of writing; price quickly cleared yesterday's low before returning to the range established during the previous New York session.

The Aussie dollar suffered a compulsive sell-off following disappointing Building Permits data for the month of December before traders remembered that construction tends to slow down during the holiday month. Of more important note is annual permit data, which declined by 5.5% instead of the anticipated 15% rise.

China Manufacturing Boost

The Aussie picked itself up slightly following better-than-expected manufacturing PMIs coming from China, Australia's largest trading partner. A decline from 51.5 to 51.3 was forecast for the Chinese PMI data, but release surprised analysts, coming in at the previous number of 51.5. The next economic release pertaining to AUD/NZD won't come until 21:45 GMT, when New Zealand shares their own edition of seasonally adjusted Building Permits for December.

AUD/NZD Technicals

The previous day's close of 1.0920 now represents a key level for traders working off of H4 charts, as price and technical indicators begin to rollover into buying opportunities. Longer-term traders will be looking for reasons to fade shortside action as the pair traded near the 200-SMA on Daily charts without any real vindication for going lower; intraday levels are still holding steady, with intraday support priced at yesterday's low of 1.0920 and a resistance zone between 1.0958 and 1.0945.

Today's pivot points:
R2: 1.1084
R1: 1.1010
PP: 1.0965
S1: 1.0890
S2: 1.0845

 

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