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6 May 2013
Forex: AUD/NZD fresh 3.5-year low on weak Aus data
FXstreet.com (Barcelona) - With Aussie printing fresh session lows at 1.0265 following worse than expected retail sales and job ads in Australia, AUD/NZD has dipped to fresh 3.5-year lows at 1.2003, a -0.71% lower for the session. Tomorrow's RBA interest rate statement is the biggest risk event ahead for this cross as odds for a near term rate cut are increasing.
According to some analysts the selling pressure is starting to ease, although IFR, for example, notes: "Wait for daily close above 1.215 to indicate "false breakdown" long trade," analyst Richard Sexton said. The NAB has been cited saying the bank is starting to take profits on previous short positions, while UBS maintains their shorts on AUD/NZD.
Immediate support to the downside for AUD/NZD lies at recent session and fresh 3.5-year lows 1.2003, followed by Sept 2009 lows at 1.1990, and Oct 2009 lows at 1.1932. To the upside, closest resistance shows at April 26 lows 1.2046, followed by April 25 lows at 1.2066, and session and Thursday's highs at 1.2104/10.
According to some analysts the selling pressure is starting to ease, although IFR, for example, notes: "Wait for daily close above 1.215 to indicate "false breakdown" long trade," analyst Richard Sexton said. The NAB has been cited saying the bank is starting to take profits on previous short positions, while UBS maintains their shorts on AUD/NZD.
Immediate support to the downside for AUD/NZD lies at recent session and fresh 3.5-year lows 1.2003, followed by Sept 2009 lows at 1.1990, and Oct 2009 lows at 1.1932. To the upside, closest resistance shows at April 26 lows 1.2046, followed by April 25 lows at 1.2066, and session and Thursday's highs at 1.2104/10.