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7 Jan 2015
AUD/NZD inches towards record low
FXStreet (Mumbai) - The AUD/NZD pair has extended the weakness seen in the previous session, as it slowly inches towards the record low of 1.0389 levels.
The pair trades 0.10% lower for the day at 1.0407 levels, compared to the previous session’s close located at 1.0419 levels. The Kiwi trades strong after the International milk prices rose for the second consecutive fortnightly auction on Tuesday due to decreased volumes on offer and growing expectations that supply in New Zealand, the world's largest dairy exporting country, may ease in the coming months. The Global Dairy Trade index rose 3.6% to 784 at the Fonterra dairy co-operative's first auction of the year. Meanwhile, the Australian dollar is weighed down by broad based weakness in commodities mainly driven by rout in Oil prices.
AUD/NZD Technical Levels
The pair has an immediate support located at 1.04 and 1.0389. Meanwhile, resistance is seen at 1.0418 (Dec 30 low), above which gains could be extended to 1.0472 (10-DMA) levels.
The pair trades 0.10% lower for the day at 1.0407 levels, compared to the previous session’s close located at 1.0419 levels. The Kiwi trades strong after the International milk prices rose for the second consecutive fortnightly auction on Tuesday due to decreased volumes on offer and growing expectations that supply in New Zealand, the world's largest dairy exporting country, may ease in the coming months. The Global Dairy Trade index rose 3.6% to 784 at the Fonterra dairy co-operative's first auction of the year. Meanwhile, the Australian dollar is weighed down by broad based weakness in commodities mainly driven by rout in Oil prices.
AUD/NZD Technical Levels
The pair has an immediate support located at 1.04 and 1.0389. Meanwhile, resistance is seen at 1.0418 (Dec 30 low), above which gains could be extended to 1.0472 (10-DMA) levels.