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• Forex Flash: RBA reducing upward pressure on AUD – ANZ
• Australia: HIA New Home Sales slide in July despite RBA cuts
• Forex: AUD/USD finishes at 1.0250, RBA in focus

• RBA 0% Rate It

FXstreet.com (Barcelona) - AUD/NZD has made another attempt to bursts through key support area at 1.3050. Today's rate was paid as high as 1.3113 before persistent bank based buying produced a sharp pullback to visit the mentioned hurdle limiting current range quotes from a visit to the psychological 1.3000.

From a long term perspective, Elliot wave trader Scott Seidl explains his bearishness on the pair: "AUD/NZD has broken the 20 day moving average and 1.31.  Both levels I've been watching for some time. On the daily chart we can see the nice 5 wave setup followed by a 3 (3-3-5). The first real resistance I believe will come at 1.2560, but my ultimate target is aprox. 1.1850."

Fundamentally speaking, Scott observes: "The Reserve Bank of Australia ( RBA ) is expected to continue cutting interest rates while the Reserve Bank of New Zealand could potentially raise their rates. Furthermore, Australia is expected to be effected more from the slow down in the Chinese Economy and overall global slow down."

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