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4 Feb 2015
AUD/NZD chopping its way to the downside
FXStreet (Guatemala) - AUD/NZD is currently 1.0577 with a high of 1.0604 and low of 1.0566 early Asia.
AUD/NZD has continued along its decline in a choppy fashion over the course of this week so far. The recent Jobs report from NZ may reflect a strong NZD in the long run, but ha done the opposite in a bear NZD market and this has been mirrored across the board.
Technically, AUD/NZD's upside was broken at 1.0720, 1.0640 and territory now in 1.0560/80 is acting as support and a break of Jan 2014 lows in the 1.0490's would open up the Jan 6th 2015 lows at 1.0352.
Fundamentally, the RBNZ has been digested and is slightly clearer than the RBA, although markets are looking at further cuts for the Australian economy and some analysts predict a rate below 2.00% by end of 2015, which is likely to weigh on the Aussie and especially while the RBA continue to jawbone the currency.
AUD/NZD has continued along its decline in a choppy fashion over the course of this week so far. The recent Jobs report from NZ may reflect a strong NZD in the long run, but ha done the opposite in a bear NZD market and this has been mirrored across the board.
Technically, AUD/NZD's upside was broken at 1.0720, 1.0640 and territory now in 1.0560/80 is acting as support and a break of Jan 2014 lows in the 1.0490's would open up the Jan 6th 2015 lows at 1.0352.
Fundamentally, the RBNZ has been digested and is slightly clearer than the RBA, although markets are looking at further cuts for the Australian economy and some analysts predict a rate below 2.00% by end of 2015, which is likely to weigh on the Aussie and especially while the RBA continue to jawbone the currency.