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5 Aug 2013
AUD/NZD finds sellers at 1.15, opportunity to reinstate shorts?
FXstreet.com (Chicago) - AUD/NZD fell after the Australia published retail sales for June (MoM) that failed to meet expected 0.4% as they were flat. Market participants reacted to the publication to send the pair below immediate 1.1430 support.
Earlier in the day, the kiwi fell against major crosses as Chinese ban of dairy products represented potential risk losses considering 25% of trade happens between the countries.
Technically speaking, the pair had accumulated 0.56% losses throughout Monday morning and traded at 1.1442 between supports at July 26/29 lows 1.1430, followed by July 25 lows/Friday's highs at 1.1397/93, and Thursday's highs/weekly close at 1.1360. Resistance were seen at recent session/fresh 8-day highs 1.1519, followed by July 24 Asian session lows at 1.1528, and July 23 lows at 1.1568.
Earlier in the day, the kiwi fell against major crosses as Chinese ban of dairy products represented potential risk losses considering 25% of trade happens between the countries.
Technically speaking, the pair had accumulated 0.56% losses throughout Monday morning and traded at 1.1442 between supports at July 26/29 lows 1.1430, followed by July 25 lows/Friday's highs at 1.1397/93, and Thursday's highs/weekly close at 1.1360. Resistance were seen at recent session/fresh 8-day highs 1.1519, followed by July 24 Asian session lows at 1.1528, and July 23 lows at 1.1568.