AUD/USD Threatens Bullish Momentum- NZD/USD Carves Top Ahead of RBNZ

Talking Points:
– AUD/USD Outperforms to Retain Range- China Event Risk in Focus.
– NZD/USD Retains Bearish RSI Momentum Ahead of RBNZ Meeting.
– USDOLLAR Rallies to Fresh High on Strong Non-Farm Payrolls (NFP).

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AUD/USD

Chart – Created Using FXCM Marketscope 2.0
AUD/USD may threaten the broader range from back in February on a close above 0.7720 (161.8% expansion) to 0.7740 (78.6% expansion) as the RSI threatens the bullish trend.
Even though Australia Employment is expected to show a 15.0K rebound in February, key data prices coming out of China – Australia’s largest trading partner – may heavily impact the near-term outlook for AUD/USD as the Reserve Bank of Australia (RBA) retains a dovish tone for monetary policy.
Despite the ongoing range in AUD/USD, DailyFX Speculative Sentiment Index (SSI) shows retail crowd has flipped net-short, with the ratio currently standing at -1.04.

NZD/USD

NZD/USD appears to have a carved a near-term top as it continues to come off of former support zone around 0.7590 (38.2% expansion) to 0.7620 (50% expansion); downside targets remain favored as the RSI retains the bearish momentum.
Despite the verbal intervention, the Reserve Bank of New Zealand’s (RBNZ) forward-guidance for monetary policy may heavily influence the near-term outlook for NZD/USD.
Close below 0.7330 (61.8% expansion) to 0.7340 (23.6% retracement) may open the door for fresh lows.

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Read More:
The Weekly Volume Report: Euro Decline Resume But Volume Still Missing
NFP Setups in Focus- USD Breakout Plays

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11989.33

11993.75

11889.18

0.74

196.94%

Chart – Created Using FXCM Marketscope 2.0
Dow Jones-FXCM U.S. Dollar extends advance following the better-than-expected Non-Farm Payrolls (NFP) report; looks poised for a further advance as the RSI retains the bullish momentum and pushes back into overbought territory.
Despite the ongoing improvement in the labor market, may see the Federal Reserve share a similar fate to its U.K. counterpart as wage growth continues to lag behind.
Nevertheless, outlook remains bullish and need a break/close above 11,997 (100% expansion) to 12,001 (78.6% expansion) should expose 12,073 (100% expansion)

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Release

GMT

Expected

Actual

Non-Farm Payrolls (FEB)