AUD/NZD tumbles on bad AUD data.
Sentiment undecided as pair trades flat.
AUD/NZD went flat through New York, currently trading around 1.0935 with little volume.
The Aussie fell against the Kiwi yesterday on weaker-than-expected CPI data, and hasn’t been able to regain the lost ground, sinking from a high of 1.1039 to trade staunchly within the 1.0947-1.0919 range. Little economic data is expected for either currency for the rest of the week, outside of some low-impact building permit numbers for Australia at 00:30 GMT and New Zealand at 21:45.
AUD/NZD has drifted lower for three consecutive months as the Aussie pares back in light of weaker-than-expected growth in key economic metrics as the Kiwi continues to garner support with increases in job ads and higher expectations of wage growth.
AUD/NZD Technical Levels
The pair is currently caught in a volatility trap, with intraday support priced at yesterday’s low of 1.0920 and a resistance zone between 1.0958 and 1.0945.
Today’s pivot points:
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