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14 Jan 2015
AUD/NZD snaps four day winning streak
FXStreet (Mumbai) - The sharp fall in the base metal pack pushed the AUD/NZD pair lower today, thereby ending the four-day winning streak witnessed in the pair.
The pair traded 0.72% lower at 1.0477 levels at the time of writing, compared to the previous session’s close at 1.0554 levels. Moreover, the Australian dollar came under pressure after copper prices fell to a fresh five and a half year low. Other base metal also followed suit, with Nickel at London Metal Exchange falling to its lowest level since Feb 2014. Being commodity linked currency, the AUD suffered heavy losses on increased threat of supply glut in metals after the World Bank published its gloomy global growth forecasts. The AUD/USD pair currently trades 0.76% lower at 0.8104, while the NZD/USD pair is down marginally at 0.7730. Consequently, the AUD/NZD cross has weakened sharply today.
AUD/NZD Technical Levels
The immediate support is seen at 1.0450, under which the drop could be extended to 1.0418 levels. Meanwhile, resistance is seen at 1.0515 and 1.0537 levels.
The pair traded 0.72% lower at 1.0477 levels at the time of writing, compared to the previous session’s close at 1.0554 levels. Moreover, the Australian dollar came under pressure after copper prices fell to a fresh five and a half year low. Other base metal also followed suit, with Nickel at London Metal Exchange falling to its lowest level since Feb 2014. Being commodity linked currency, the AUD suffered heavy losses on increased threat of supply glut in metals after the World Bank published its gloomy global growth forecasts. The AUD/USD pair currently trades 0.76% lower at 0.8104, while the NZD/USD pair is down marginally at 0.7730. Consequently, the AUD/NZD cross has weakened sharply today.
AUD/NZD Technical Levels
The immediate support is seen at 1.0450, under which the drop could be extended to 1.0418 levels. Meanwhile, resistance is seen at 1.0515 and 1.0537 levels.