The Australian dollar continues to lose ground against the New Zealand dollar. The benchmark AUD/NZD Forex market is losing ground headed into Thursday’s trade session.
During the early Asian session, the Australian dollar moved higher only to see upside momentum quickly fade to challenge an intraday low price point at $1.0587.
Overnight into Friday, Australia will publish their quarterly producer price index and New Zealand has no economic data scheduled for publication. The United States has a busy docket. The U.S. will release their quarterly gross domestic product (GDP) data. Labor data will garner the full attention of the Forex markets.
The U.S. Labor Department will publish weekly initial and continuing jobless claims. Last week’s initial claims unexpectedly rose.
Canada has no economic data scheduled for release during the day on Thursday. The euro area is pretty quiet on Thursday. Spain will release monthly consumer price index (CPI) numbers.
Germany will publish their monthly unemployment change. The United Kingdom will release their monthly mortgage approvals. Also, the UK will publish monthly lending to individuals.
Daily Australian Dollar Technical Analysis (AUD/NZD)
Looking at the above daily chart, the Australian dollar is trading below the twenty (20) day simple moving average which lines up at 1.0635. The 14 day MACD momentum indicator is below the midline and looking bearish.
A break below, on a daily close, below 1.0587 opens the door for the AUD/NZD currency exchange rate to challenge 1.0575. There is key horizontal support lining up at 1.0560 with the 27 July low price point of 1.0540 then coming into the picture.
On the upside, immediate technical resistance lines up at the 1.0620 horizontal level. A daily close above the 20 day simple moving average at 1.0635, opens the door for 1.0645. This was Wednesday high price level. The next layer of technical resistance lines up at the horizontal level of 1.0680.