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19 May 2015
AUD/NZD declines but holds above 1.0730
FXStreet (Córdoba) - AUD/NZD is about to end the day lower but despite the decline continues to trade sideways, near multi-month highs.
Bad day for AUD and NZD
Both currencies dropped sharply against the US dollar on Tuesday, extending weekly losses. While the aussie dropped after the minutes from the Reserve Bank of Australia signaled that another rate cut was still possible, the kiwi initially rose after inflation reports from New Zealand but then lost strength and retreated amid a decline in dairy prices.
The AUD/NZD pair dropped from 1.0850 (daily high) and bottomed on European hours at 1.0743. From there rebounded is about to end the day hovering around 1.0775/80, less than 50 pips below yesterday's closing price.
Price continues to move sideways, still near the 1.0800 and multi-month highs. A break below 1.0730 could weaken the aussie and favor a bearish correction, while to the upside, the key level to break could be located at 1.0850 (May 13, 19 high).
Bad day for AUD and NZD
Both currencies dropped sharply against the US dollar on Tuesday, extending weekly losses. While the aussie dropped after the minutes from the Reserve Bank of Australia signaled that another rate cut was still possible, the kiwi initially rose after inflation reports from New Zealand but then lost strength and retreated amid a decline in dairy prices.
The AUD/NZD pair dropped from 1.0850 (daily high) and bottomed on European hours at 1.0743. From there rebounded is about to end the day hovering around 1.0775/80, less than 50 pips below yesterday's closing price.
Price continues to move sideways, still near the 1.0800 and multi-month highs. A break below 1.0730 could weaken the aussie and favor a bearish correction, while to the upside, the key level to break could be located at 1.0850 (May 13, 19 high).