AUDUSD & NZDUSD, H1
The antipodean currencies are two of the best performing currencies today, especially versus the weaker safe havens of JPY and CHF. NZDCHF is the best performer, up 0.45%, and the NZDJPY is up 0.38%. NZDUSD, having plumbed the 200 period moving average down at 0.6380 during the Asian session (following on the back of the RBA minutes), moved up through the 20-period moving average and daily pivot point. This triggered a long position on the Crossing EMA Strategy (Entry 0.64015, Target 1 (1x ATR) 0.6409 and Target 2 (2.5 x ATR) 0.64195), with an initial Stop Loss below the turn in the market at 0.6385 and the 200-period moving average.
AUDUSD also rebounded above 0.6800 after posting a four-day low at 0.6774. The low was set after the minutes to the RBA’s early November meeting showed policymakers “agreed a case could be made” for another cut in the 0.75% cash rate given unwelcome weakness in wages growth and inflation. The rally has taken the AUDUSD beyond the 200-period moving average and 0.6830 to test R2 at 0.6833.
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Stuart Cowell
Head Market Analyst
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