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5 Feb 2015

AUD/NZD trades below 50-DMA

FXStreet (Mumbai) - The AUD/NZD trades below the 50-DMA level located at 1.5035 levels, after having failed earlier today to rise above the same.

Pair trades near three-week lows

The pair continues to hover around three-week lows after the gap between the central bankers of both nations widened further after the Reserve Bank of Australia (RBA) unexpectedly cut interest rates, while the Reserve Bank of New Zealand (RBNZ) held policy rates unchanged.

Furthermore, the diverging prices of iron ore and dairy products is also supporting the gains in the NZD. The GDT price index at the latest auction rose more than 9%, while iron ore prices continue to fall.

AUD/NZD Technical Levels

The pair currently trades 0.20% higher at 1.0541 levels. The immediate resistance is located at 1.5035 (50-DMA), above which gains could be extended to 1.0607 (5-DMA) levels. Meanwhile, support is seen at 1.0505 and 1.0459 levels.

Feb 5, 2015

Key events today: BoE expected to hold rates – Danske

The Danske Bank Team previews the key events for the day, expecting BoE to remain neutral, and adds that US jobless claims data might attract attention ahead of Friday’s NFP release.

China to see more RRR cuts - ING

According to Prakash Sakpal of ING, China might see a 50bp RRR cut per quarter and at least one more 25bp policy rate cut by yearend.