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AUD/NZD: bears taking control on Fonterra announcements

FXStreet (Guatemala) - AUD/NZD is currently trading at 1.1142 with a high of 1.1175 and a low of 1.1132.

AUD/NZD is being rejected again at the sideways resistance of the daily channel that commenced in June this year and is reflected on the hourly chart as a heavy downside trend below the 200 SMA at 1.1262 reaching below the midpoint of the 1.11 handle at aforementioned lows.

NZD has been favoured on the back of the recent announcements from Fonterra. They announced an increase in its farm gate milk price forecast for the 2015/16 season to NZD4.60/kg of milk solids – up from their earlier estimate of NZD3.85, as explained by analysts at Westpac who expect the RBNZ to keep the OCR on hold in the October meeting.

AUD/NZD levels

Technically, while trading below the 200 SMA, the paid is directly offered and 1.1200 (the pivot) would be first resistance on a rebound. The Supports ahead are 1.1140 (200 SMA 4hr) 1.1120, 1.1080, 1.1003 and 1.0940.

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