AUD/NZD: downside exposed but holding at S1

By FXStreet FXStreet (Guatemala) – AUD/NZD is trading at 1.1257 with a high of 1.1279 and a low of 1.1247.

Not the most active of market due to the strength in the greenback and risk-off climate that neither the Aussie not the Kiwi tend to thrive within, but we do have some Chinese data that will take the attention today with the Aussie likely to lead the way to the downside perhaps while it is difficult to expect a bounce back above 50 from the Chinese market at the moment.

The expectations for the Caixin manufacturing 47.5 vs the 47.3 previous (The Aug number was the weakest since Mar 2009) and anything lower than the previous will likely ignite a sell-off in the Aussie while exposing the Kiwi to downside as well.

Technically, the cross has been continuing on the downside and has penetrated the 200 SMA at 1.1264 with the 20 SMA crossing both the 200 and 50 SMA’s and trades below the pivot of 1.1277. Support 1 is at 1.1241 guards 1.1192 and 1.1156 on further supply.
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Source:: FX Street