Back
27 Feb 2014
AUD/NZD fall to 1-week lows, remains under pressure
FXStreet (Córdoba) - The AUD/NZD fell for the second day in a row on Wednesday and early in Asia remains under pressure approaching weekly lows after the release of New Zealand trade data.
After breaking below 1.0810 the AUD/NZD accelerated toward the downside, found support at 1.0785 but during the recent American session extended the decline, bottoming at 1.0770, the lowest price since February 14. Afterwards moved off lows but it was unable to rise back above 1.0800. Following trade data from New Zealand, that showed a higher-than-expected surplus, moved toward Wednesday’s lows.
AUD/NZD eyeing February lows
Recent movements pushed price far from a key resistance located at the 1.0900 area and currently trading at 1.0775/80, the AUD/NZD is approaching February lows that lie at 1.0730; below the next potential support levels are localted at 1.0700 (psychological) and 1.0670 (January 22, 23 highs).
To the upside, on top of 1.0815 the Aussie could gain momentum; above immediate resistance lies at 1.0855 and 1.0885.
After breaking below 1.0810 the AUD/NZD accelerated toward the downside, found support at 1.0785 but during the recent American session extended the decline, bottoming at 1.0770, the lowest price since February 14. Afterwards moved off lows but it was unable to rise back above 1.0800. Following trade data from New Zealand, that showed a higher-than-expected surplus, moved toward Wednesday’s lows.
AUD/NZD eyeing February lows
Recent movements pushed price far from a key resistance located at the 1.0900 area and currently trading at 1.0775/80, the AUD/NZD is approaching February lows that lie at 1.0730; below the next potential support levels are localted at 1.0700 (psychological) and 1.0670 (January 22, 23 highs).
To the upside, on top of 1.0815 the Aussie could gain momentum; above immediate resistance lies at 1.0855 and 1.0885.