#AUDNZD @ 1.13851 picks up bids to probe two-day downtrend after Australia, New Zealand statistics. (Pivot Orderbook analysis)

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• AUD/NZD picks up bids to probe two-day downtrend after Australia, New Zealand statistics.
• Australia’s first monthly inflation data, ANZ sentiment figures for September teased buyers.
• Cautious mood, firmer yields challenge the upside momentum.

The pair currently trades last at 1.13851.

The previous day high was 1.1491 while the previous day low was 1.1378. The daily 38.2% Fib levels comes at 1.1421, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1447, expected to provide resistance.

AUD/NZD extends rebound from the intraday low after Australia and New Zealand both flashed important data during early Thursday. That said, the cross-currency pair takes the bids to 1.1390 by the press time.

Australian Bureau of Statistics (ABS) released the first ever monthly Consumer Price Index (CPI) for July and August. On the other hand, Australia and New Zealand Banking Group (ANZ) unveiled September’s Activity Outlook and Business Confidence figures for New Zealand.

Australia’s CPI rose 7.0% and 6.8% in July and August respectively. Further, ANZ Business Confidence improved to -36.7 versus -52.1 expected and -47.8 prior whereas the Activity Outlook gauge also rose to -1.8% from -6.3% market forecasts and -4.0% previous readings.

It should be noted, however, that the market’s sour sentiment and fears surrounding China, Australia’s biggest customer, test the AUD/NZD buyers.

The People’s Bank of China (PBOC) is another central bank, in addition to the Bank of Japan (BOJ) and the Bank of England (BOE), to defend the domestic currency, namely the yuan. It’s worth noting that the PBOC has recently intervened multiple times in the market and is likely to do so today as well as to defend the yuan amid fears of economic slowdown, led by the covid-led lockdowns.

It should be noted that the BOE’s bond-buying triggered the market’s risk-on mood and drowned the yields the previous day. That said, the US Treasury bond yields recover and the S&P 500 Futures print mild losses by the press time, which in turn probes the AUD/NZD pair buyers.

Unless breaking a three-week-old support line, near 1.1330 by the press time, AUD/NZD remains on the way to October 2013 high near 1.1580.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.1389 at the time of writing. Pair opened at 1.1381 and is trading with a change of 0.07 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.126, 50 SMA 1.1172, 100 SMA @ 1.1106 and 200 SMA @ 1.0936.

The previous day high was 1.1491 while the previous day low was 1.1378. The daily 38.2% Fib levels comes at 1.1421, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1447, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1342, 1.1303, 1.1229
• Pivot resistance is noted at 1.1455, 1.153, 1.1568

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