NZD- ANZ business confidence on Monday and Tuesday Global Dairy prices
AUD- Building approvals on Monday, Tuesday RBA Cash rate and GDP and retail sales due on Wednesday.
The upcoming week starts with major data event on NZ but, trader’s eye on Monday’s building approvals. We expect the data might be on the positive side. We expect the RBA likely to unchanged the rate statement.
Technical view: The cross managed to hold the 100dema consolidating in a tight range. The cross remains below the 20&50Dsma. The cross has been forming a base around 1.0896 levels.
The resistance seems at 1.1135 and 1.1150. A daily close above 1.1150 the bulls aim at 1.1300. On the higher side, the cross twice rejected at 200Wema seems at 1.1400.
In the hourly chart, the cross has been shifted to higher high and higher low strategy. Intraday support finds at1.1050, 1.1025 and 1.1000. The 100Wema finds at 1.1000. Until the cross holds 1.1000 use a dip to buy favors the trend.
Resistance seems at 1.1100, 1.1120 and 1.1140. The bullish momentum backs above 1.1150.
Trade: Buying with sl 1.1000 targets 1.1100, 1.1130 and 1.1150 initially, later likely to extend towards 1.1300.
Selling available below 1.0990 targets at 1.0950 and 1.0920.
The upcoming week’s support finds at 1.0890.