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26 Aug 2014
AUD/NZD: New YTD high after NZ trade
FXStreet (Bali) - AUD/NZD is breaking into new highs for the year, with offers as high as 1.1167 being filled, further reinforcing the bull trend.
The latest 30-40 pips spike came on the back of a worse-than-expected NZ trade balance, coming at $1.29B vs 1.49B exp and $1.20B last, adding to the slightly worsening economic outlook in the country.
Technically, as Sean Lee, Founder at FXWW, notes, "next major level to watch will be previously important support at 1.1185/00." While on the downside, 1.1125-35 should see first layer of bids ahead of 1.11 and 1.1050-80 demand.
The latest 30-40 pips spike came on the back of a worse-than-expected NZ trade balance, coming at $1.29B vs 1.49B exp and $1.20B last, adding to the slightly worsening economic outlook in the country.
Technically, as Sean Lee, Founder at FXWW, notes, "next major level to watch will be previously important support at 1.1185/00." While on the downside, 1.1125-35 should see first layer of bids ahead of 1.11 and 1.1050-80 demand.