15 Apr 2014
AUD/NZD retreats from 7-week highs
FXStreet (Córdoba) - The AUD/NZD climbed on Monday to 1.0834, hitting the strongest level since February 20 but lost momentum, failed to hold above 1.0860 and pulled back. Early in Asia moved further to the downside and bottomed at 1.0824.
After the relaese of RBA minutes and following a speech by ">Guy Debelle, Assistant Governor at the central bank, the AUD/NZD rose back toward 1.0850. Currently trades at 1.0835/38, 0.07% down for the day.
Technical outlook for the AUD/NZD
On a wider perspective the pair continues to move with a bullish perspective but lost momentum yesterday after testing levels on top of 1.0860. Between the mentioned level and 1.0900 the Aussie could face strong resistance. Since December of last year the AUD/NZD has been unable to post a daily close above 1.0900.
To the downside, immediate support could be located around 1.0800 (April 14 low) and below here at 1.0745/50 (March 26 high, April 8 low) and 1.0730.
After the relaese of RBA minutes and following a speech by ">Guy Debelle, Assistant Governor at the central bank, the AUD/NZD rose back toward 1.0850. Currently trades at 1.0835/38, 0.07% down for the day.
Technical outlook for the AUD/NZD
On a wider perspective the pair continues to move with a bullish perspective but lost momentum yesterday after testing levels on top of 1.0860. Between the mentioned level and 1.0900 the Aussie could face strong resistance. Since December of last year the AUD/NZD has been unable to post a daily close above 1.0900.
To the downside, immediate support could be located around 1.0800 (April 14 low) and below here at 1.0745/50 (March 26 high, April 8 low) and 1.0730.