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13 Jun 2014
AUD/NZD; battle of the yields
FXStreet (Guatemala) - AUD/NZD is trading at 1.0856, up 0.07% on the day, having posted a daily high at 1.0867 and low at 1.0842.
AUD/NZD is attempting to bottom out at the mid point of the 1.08 handle after a dramatic drop post the RBNZ. Strategists at TD Securities noted and explained that the AUD speculative net long has turned sharply higher, reflecting investor appetite for yield as sentiment shifted to global central banks keeping rates lower for longer. “The drop in highly rated sovereign yields has lifted the demand for the higher yielding AUD, and also explains the NZD has outperformed”.
AUD/NZD Levels
With spot trading at 1.0859, we can see next resistance ahead at 1.0859 (Hourly 20 EMA), 1.0867 (Daily High), 1.0915 (Daily Classic S3), 1.0917 (Weekly Classic S1) and 1.0921 (Daily 20 SMA). Support below can be found at 1.0851 (Weekly Classic S2), 1.0851 (Daily Open), 1.0842 (Daily Low), 1.0822 (Yesterday's Low) and 1.0788 (Weekly Classic S3).
AUD/NZD is attempting to bottom out at the mid point of the 1.08 handle after a dramatic drop post the RBNZ. Strategists at TD Securities noted and explained that the AUD speculative net long has turned sharply higher, reflecting investor appetite for yield as sentiment shifted to global central banks keeping rates lower for longer. “The drop in highly rated sovereign yields has lifted the demand for the higher yielding AUD, and also explains the NZD has outperformed”.
AUD/NZD Levels
With spot trading at 1.0859, we can see next resistance ahead at 1.0859 (Hourly 20 EMA), 1.0867 (Daily High), 1.0915 (Daily Classic S3), 1.0917 (Weekly Classic S1) and 1.0921 (Daily 20 SMA). Support below can be found at 1.0851 (Weekly Classic S2), 1.0851 (Daily Open), 1.0842 (Daily Low), 1.0822 (Yesterday's Low) and 1.0788 (Weekly Classic S3).