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Inches Higher Amid Light News Flow

AUDNZD

AUD/NZD has added 13 pips in a thin, pre-holiday trade, chewing into yesterday's losses. Regional focus remains on the coronavirus outbreak in NSW/Sydney, with Premier Berejiklian noting that "the virus is circulating in parts of the community," while "there are potential chains of transmission that we are not on top of."

  • The rate has resumed gains after snapping a four-day winning streak yesterday and now trades at NZ$1.0687. Bulls would be pleased by a break above Dec 22 high of NZ$1.0715, which would turn focus to Nov 5 high of NZ$1.0767. Conversely, a dip through the 50-DMA at NZ$1.0616 would give bears a green light for targeting the 38.2% retracement of the Dec 1 - 22 rally/round figure support at NZ$1.0602/00.
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