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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.

new-zealand-is-debating-a-plan-to-give-people-unconditional-free-money

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.

Trade setup

Buy AUD/NZD at current rate around 1.1130, stop loss 1.1100 and target 1.1250/ 1.1280.

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