Fundamentals affecting AUD/NZD
AUD/NZD remains stable at 1.1130 from intaday highs at 1.1145 earlier today. It failed to defend mild gains and turned into the red zone as markets digest the latest $350 million stake sale news as signaled by Air New Zealand as reported via Reuters.
NZD bulls tried their best to take control as strong economic data releases, the building consents data (10.8% increase MoM), jump from the 7.8% drop seen in January. Markets will now await to the US jobs report and crude inventory report before further movements.
- AUD/NZD is trading around 1.1130 marks
- Intraday high at 1.1145 and low at 1.1105.
- Intraday bias remains bullish above 1.1105 levels.
- A daily close below 1.1104 will take the parity down towards 1.10 marks.
- On the other side, a sustained close above key resistance at 1.1130 will threat 1.1300/1.1350/1.1595 marks.
Buy AUD/NZD at current rate around 1.1130, stop loss 1.1100 and target 1.1250/ 1.1280.