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5 Aug 2013
AUD/NZD shoots above 1.15 on bad Fonterra news
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at 1.1457 bids, shooting above the 1.14 handle and even the 1.15 topping at 1.1519 following weekend news on Fonterra's warnings over dairy products.
AUD/NZD higher on Kiwi weakness
“Market mover so far in Asia has been the NZD after it was revealed in the w/e that some fonterra products - ie baby milk powder may contain a bacteria that causes botulism.... NZD closed friday 7840, but opened 7720-30, has traded down to 7693 but has recovered slightly to currently trade 7745-50,” said an analyst at FXWW. The AUD/NZD cross is last up +0.91%.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows 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. To the downside, closest support lies 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.
AUD/NZD higher on Kiwi weakness
“Market mover so far in Asia has been the NZD after it was revealed in the w/e that some fonterra products - ie baby milk powder may contain a bacteria that causes botulism.... NZD closed friday 7840, but opened 7720-30, has traded down to 7693 but has recovered slightly to currently trade 7745-50,” said an analyst at FXWW. The AUD/NZD cross is last up +0.91%.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows 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. To the downside, closest support lies 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.