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8 Jul 2013
AUD/NZD trading at session lows
FXstreet.com (New York) - The AUD/NZD technical pair recently bottomed out at the 1.1735 level Monday during Asian trading, continuing to give back a portion of Fridays gains.
AUD/NZD settling at 55-day MA
In light of the recent pullback, the AUD/NZD is still trading negatively at -0.11% off it’s opening, settling at 1.1738. The pair is presently trading at its 55-day MA, and is fortified by strong support at the 1.7000 barrier. Alternatively, resistances lie higher at 1.1762 (20-day SMA) and 1.1788 (Friday high).
AUD/NZD poised to move lower
According to Sean Callow, a Global FX Strategist at Westpac, “The AUD/NZD looks set to ratchet further lower in coming weeks as relative monetary policy weighs on the pair. Moreover, the delivery of another RBA rate cut in August should see the cross printing fresh post-2008 lows around 1.1500.”
AUD/NZD settling at 55-day MA
In light of the recent pullback, the AUD/NZD is still trading negatively at -0.11% off it’s opening, settling at 1.1738. The pair is presently trading at its 55-day MA, and is fortified by strong support at the 1.7000 barrier. Alternatively, resistances lie higher at 1.1762 (20-day SMA) and 1.1788 (Friday high).
AUD/NZD poised to move lower
According to Sean Callow, a Global FX Strategist at Westpac, “The AUD/NZD looks set to ratchet further lower in coming weeks as relative monetary policy weighs on the pair. Moreover, the delivery of another RBA rate cut in August should see the cross printing fresh post-2008 lows around 1.1500.”