Forex: AUD/NZD remains in narrow range after China PMI data

FXstreet.com (Barcelona) - The AUD/NZD is in a narrow range during Asia trade, down 8 pips at 1.2102. The pair has been in a consistent down trend over the last 4 weeks, and finished the month of April down 2.74%. Earlier in the session at 1:00 GMT, both China PMI (50.6 Actual vs. 50.8 Estimate) and Australia HIA New Home Sales (+4.2% actual vs. -5.3% prior) were released, but reaction to the numbers was quiet.

The FXStreet.com Trend Index remains in strongly bearish on the daily chart, while the OB/OS index reads neutral. Short term moving averages also remain bearish, with price below both the downward sloping 9 and 20dma’s. Initial resistance sits at 1.2130 (the 9dma), followed by 1.2160 (previous support, now resistance on daily). First support sits at 1.2060 (previous day low), followed by 1.2000 (weekly support)