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29 May 2013
AUD/NZD off fresh 4-year lows below 1.19
FXstreet.com (Barcelona) - AUD/NZD is last at 1.1887, off fresh weekly and multi-year lows at 1.1865, printed on the back of Aussie weakness, as Kiwi has been about flat for the week so far, while AUD/USD is down -0.45% since previous weekly close Friday, near yesterday's weekly lows.
Besides expected volatility in USD/JPY by the Tokyo open as BoJ Kuroda will give a speech, which is lately driving Aussie too, there will be some minor data coming out for Australia in the form of Construction work done at 01:30 GMT and MI leading index 1 hour earlier. HIA New Home sales for Australia is tentative. IFR Markets maintain their view of a bottom developing in the cross, looking to buy a break above the 1.2030 level, analysts said.
Immediate support to the downside for AUD/NZD lies at recent session/weekly/4-year lows 1.1865, followed by mid-Sept 2008 lows at 1.1806, and March 2008 highs/Jan 2009 lows at 1.1750. To the upside, closest resistance shows at current levels as Monday's lows 1.1890, followed by Friday's lows/session highs at 1.1912, and yesterday's weekly highs/Thursday's lows at 1.1946.
Besides expected volatility in USD/JPY by the Tokyo open as BoJ Kuroda will give a speech, which is lately driving Aussie too, there will be some minor data coming out for Australia in the form of Construction work done at 01:30 GMT and MI leading index 1 hour earlier. HIA New Home sales for Australia is tentative. IFR Markets maintain their view of a bottom developing in the cross, looking to buy a break above the 1.2030 level, analysts said.
Immediate support to the downside for AUD/NZD lies at recent session/weekly/4-year lows 1.1865, followed by mid-Sept 2008 lows at 1.1806, and March 2008 highs/Jan 2009 lows at 1.1750. To the upside, closest resistance shows at current levels as Monday's lows 1.1890, followed by Friday's lows/session highs at 1.1912, and yesterday's weekly highs/Thursday's lows at 1.1946.