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3 Oct 2013
AUD/NZD dropping like a stone on rate differentials
FXstreet.com (London) - AUD/NZD has been falling away on a number of factors, but recent comments from the RBNZ have sealed the deal.
There were some trapped AUD shorts out there who didn't get any love from the RBA either recently when some of the priced-in cut was taken out. Then there were the metals and commodities which came under pressure, but now the RBNZ has warned that rates in New Zealand are heading higher with time frames and and quantity added to previous hawkish rhetoric.
AUD/NZD offered through pivot
AUD/NZD has taken out the supporting pivot on an building avalanche from 1.1429. The pair’s RSI is approaching the 30 mark signifying momentum to slow while 1.1220 offers a landing pad should supply continue on and without a bounce back to the EMA5 resistance level.
There were some trapped AUD shorts out there who didn't get any love from the RBA either recently when some of the priced-in cut was taken out. Then there were the metals and commodities which came under pressure, but now the RBNZ has warned that rates in New Zealand are heading higher with time frames and and quantity added to previous hawkish rhetoric.
AUD/NZD offered through pivot
AUD/NZD has taken out the supporting pivot on an building avalanche from 1.1429. The pair’s RSI is approaching the 30 mark signifying momentum to slow while 1.1220 offers a landing pad should supply continue on and without a bounce back to the EMA5 resistance level.