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16 Aug 2013

AUD/NZD, still on 5-year depths; volatile outlook ahead

FXstreet.com (Chicago) - AUD/NZD hit weekly bottoms at 1.1305 earlier on Thursday as downward spiral continues. Bears outrun bulls so far ahead of an expected volatile Friday session in Asia. Prior to Assistant Governor Debelle’s speech, the Aussie extends gains to 0.03% so far.

Technical Levels

Technically speaking, the pair trades at 1.1314 between supports at 1.1314 (July 31st highs), 1.1293 (July 29th lows) ahead of 1.1264 (August 6th lows) and resistances at 1.1337 (July 28th lows), 1.1358 (August 5th lows) followed by 1.1385 (August 2nd highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.

Bearish bias

Kathy Lien, from BK Asset Management asses “the volatility in the U.S. dollar also caused wild swings in the commodity currencies which recovered mid day losses to end the day higher against the U.S. dollar.” With NZ’s economy expanding as proven by recently published manufacturing data contrasted with Australian manufacturing activity in decline, the 10% yearly loss can be justified. Lien adds that “even though there have been more recent improvements in Australian data, the outperformance of New Zealand leads us to believe that AUD/NZD is poised to retest its 4 year low of 1.12.”
Aug 16, 2013

Flash: USD maintains constructive view heading into Fed meeting – Westpac

Global FX Strategist Sean Callow at Westpac analyzes outlook of the USD.
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Aug 16, 2013

Elliott Wavers say Yen and Nikkei set up for higher and lower moves respectively

Elliott Wave technicians are calling for more upside in the Yen and more downside in the Nikkei before the primary trends (lower in the Yen and higher in the Nikkei) resume.
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