Back
6 Jan 2015
AUD/NZD trades at 20-DMA
FXStreet (Mumbai) - The Australian dollar inched down against the New Zealand counterpart today, snapping a week-long stretch of gains as the Kiwi remains supported ahead of release of Fonterra's GDT Price Index.
Currently, the AUD/NZD pair trades at 1.0507 levels, down -0.10% on the day, having posted day’s high at 1.0545 levels in the early Asian morning. The cross in AUD/NZD climbed higher largely after the New Zealand dollar gained strength on the HSBC China services PMI which rose to 53.4 in December from 53.0 in November. Moreover, the Kiwi is expected to remain buoyed as markets expect better Fonterra index number after Fonterra's GDT Price Index climbed 2.4% two weeks ago - cheerful news for New Zealand's dairy-led economy, given the previous drops of 3.1% and 1.1%.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0542 (Jan 2 High) levels, above which gains could be extended to 1.0608 (Dec 17 High) levels. On the flip side, support is seen at 1.05 levels, from here it to below 1.0484 (10-DMA) levels.
Currently, the AUD/NZD pair trades at 1.0507 levels, down -0.10% on the day, having posted day’s high at 1.0545 levels in the early Asian morning. The cross in AUD/NZD climbed higher largely after the New Zealand dollar gained strength on the HSBC China services PMI which rose to 53.4 in December from 53.0 in November. Moreover, the Kiwi is expected to remain buoyed as markets expect better Fonterra index number after Fonterra's GDT Price Index climbed 2.4% two weeks ago - cheerful news for New Zealand's dairy-led economy, given the previous drops of 3.1% and 1.1%.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0542 (Jan 2 High) levels, above which gains could be extended to 1.0608 (Dec 17 High) levels. On the flip side, support is seen at 1.05 levels, from here it to below 1.0484 (10-DMA) levels.