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Forex News: Australian, NZ Dollars Advance Amid Rising Risk Appetite

Australian, NZ Dollars Advance Amid Rising Risk Appetite

05/28/2019 - 03:23:00 (RTTNews)

(RTTNews) - The Australian and the New Zealand dollars climbed against their major counterparts in Asian deals on Tuesday amid rising risk appetite, as sentiment lifted up on hopes for progress in trade talks between the U.S. and China.

U.S. President Donald Trump, who is on a four-day state visit to Japan, described the U.S. trade imbalance with Japan as "unbelievably large" but said he would announce something on trade probably in August. Japan will be heading to the polls for the upper house in July.

Weak industrial profits data from China spurred speculation for more government stimulus to support the slowing economy.

The aussie rose to 0.6930 against the greenback and 75.92 against the yen, from its early lows of 0.6913 and 75.70, respectively. The aussie is seen finding resistance around 0.72 against the greenback and 78.5 against the yen.

The Australian currency spiked up to a weekly high of 1.6135 against the euro, following a decline to 1.6181 at 6:00 pm ET. If the aussie rises further, 1.60 is possibly seen as its next resistance level.

Reversing from a low of 0.9295 hit at 5:00 pm ET, the aussie edged higher to 0.9313 against the loonie. On the upside, 0.95 is possibly seen as the next resistance level for the aussie.

The NZ dollar strengthened to 0.6558 against the greenback and 71.83 against the yen, off its early lows of 0.6542 and 71.62, respectively. The next possible resistance for the kiwi is seen around 0.67 against the greenback and 74.00 against the yen.

After falling to 1.7106 against the euro at 6:00 pm ET, the kiwi bounced off and strengthened to an 8-day high of 1.7056. Next key resistance for the kiwi is seen around the 1.68 region.

The kiwi firmed to a 4-day high of 1.0561 against the aussie, from an early low of 1.0577. The kiwi is poised to test resistance around the 1.04 mark.

Looking ahead, U.K. mortgages approvals for April and Eurozone economic sentiment index for May are due in the European session.

In the New York session, U.S. consumer sentiment index for May, S&P/Case-Shiller home price index and Federal Housing Finance Agency's house price index for March are scheduled for release.

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