23 Aug 2013
AUD/NZD relentless bullish pressure continues; approaching 1.1524 target
FXstreet.com (Chicago) - AUD/NZD strengthens against the kiwi accumulating 0.16% gains ahead of the Jackson Hole Symposium and two weeks prior Australian elections. Fed’s tapering remains a concern as the Aussie is directly correlated with commodities prices and emerging markets.
On September 7th, the Australian Federal election will take place. Kevin Rudd, Labor party representative faces Tony Abbott, head of the Liberal National coalition. Rudd will attempt to remain in power for the third time. Fed’s tapering maintains market participants’ attention as a potential tapering might happen next month post FOMC minutes and mixed economic results released in the US on Thursday.
Price action indicates Aussie buyers continue pushing the limits as the pair peaked to 1.1527 twice within minutes. Upside pressure remains as steady climb continues as seen on a 45 degrees trend line. At 1.1518, the pair approaches immediate resistance at 1.1520 ahead of 1.1543 (August 21st highs) and 1.1560 (July 24th lows). On the downside, supports are set at 1.1496 (August 3rd highs), 1.1478 (August 4th highs) followed by 1.1469 (July 28th highs). According to the FXstreet.com trend index the pair is slightly bullish on one-hour timeframe analysis.
On September 7th, the Australian Federal election will take place. Kevin Rudd, Labor party representative faces Tony Abbott, head of the Liberal National coalition. Rudd will attempt to remain in power for the third time. Fed’s tapering maintains market participants’ attention as a potential tapering might happen next month post FOMC minutes and mixed economic results released in the US on Thursday.
Price action indicates Aussie buyers continue pushing the limits as the pair peaked to 1.1527 twice within minutes. Upside pressure remains as steady climb continues as seen on a 45 degrees trend line. At 1.1518, the pair approaches immediate resistance at 1.1520 ahead of 1.1543 (August 21st highs) and 1.1560 (July 24th lows). On the downside, supports are set at 1.1496 (August 3rd highs), 1.1478 (August 4th highs) followed by 1.1469 (July 28th highs). According to the FXstreet.com trend index the pair is slightly bullish on one-hour timeframe analysis.