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5 Apr 2013
Forex: AUD/NZD lower sub-1.24 on Aussie weakness
FXstreet.com (Barcelona) - Despite the fact commodity currencies over all have been doing pretty poorly recently, AUD has been doing it even worse than Kiwi, and thus AUD/NZD is lower for the week, last at 1.2385 bids, just 6 pips off recent fresh weekly lows at 1.2379, as AUD/USD also prints fresh session lows at 1.0412, while NZD/USD keeps firmer above the 0.84 handle.
The cross has lost a -2.3% since printed fresh 2013 highs at 1.2680 back in March 14, 3 weeks ago, finding resistance at the 200 day SMA, last at 1.2750, same price AUD/NZD started the year at. Local share markets are all trading in the red including Australia ASX index, down -0.48%, with the exception of Nikkei index that climbs more than +4% following yesterday's historic BoJ meeting. Oil closed in NY down -1.25% for the day, mounting for a -4% loss over last 2 trading days.
Immediate support to the downside for AUD/NZD lies at recent 4-week lows 1.2379, followed by Oct 02 lows at 1.2371, and Feb 11 highs at 1.2363. To the upside, closest resistance shows at March 29 lows 1.2421, followed by Jan 25 lows at 1.2430, and yesterday's highs at 1.2461.
The cross has lost a -2.3% since printed fresh 2013 highs at 1.2680 back in March 14, 3 weeks ago, finding resistance at the 200 day SMA, last at 1.2750, same price AUD/NZD started the year at. Local share markets are all trading in the red including Australia ASX index, down -0.48%, with the exception of Nikkei index that climbs more than +4% following yesterday's historic BoJ meeting. Oil closed in NY down -1.25% for the day, mounting for a -4% loss over last 2 trading days.
Immediate support to the downside for AUD/NZD lies at recent 4-week lows 1.2379, followed by Oct 02 lows at 1.2371, and Feb 11 highs at 1.2363. To the upside, closest resistance shows at March 29 lows 1.2421, followed by Jan 25 lows at 1.2430, and yesterday's highs at 1.2461.