AUD/NZD
The Reserve Bank of New Zealand (RBNZ) increased the official cash rate by 25 basis points to 3.25% (January 2009 high) from 3.0%. The bank tightened its policy again and the next hike can be expected at the end of this year. We recommended to go short at 1.1015 (June 04, 2014 article), in the early hours the pair made a low at 1.0871. The pair made a break and now is trading below the breakout level. On the down side, the pair has strong support at 1.0855 (May 29 low) and 1.0842 (50-day SMA). The daily momentum oscillators favor selling mode.
While I am preparing this article, the pair still heading to 1.0860 from 1.0875 levels. We expect the pair can extend to 1.0842 and 1.0838. But the hourly momentum oscillators are indicating an oversold level.
Selling the rally is the best strategy.
GBP/NZD
The pair has been in a down trend from 1.9927 levels. Currently it is trading at 1.9427. On the down side, it has support at 1.9396 levels. If the pair trades below 1.9426, it can fall to the support levels at 1.9396 and lower trend line (purple). The pair broke all the short-term moving averages. The bulls are back on track only above 1.9555 levels, until it selling the rally is the best strategy.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of AUS/NZD and GBP/NZD for June 12, 2014 . Thanks for your support on Technical analysis of AUS/NZD and GBP/NZD for June 12, 2014
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