16 Jan 2014
AUD/NZD bounces from fresh 5-year lows
FXstreet.com (Córdoba) - The AUD/NZD tumbled to fresh 5 year lows on European hours and bottomed at 1.0639 but bounced afterwards trimming losses to finished the day at 1.0685, posting the lowest daily close since December 2005.
It was the third decline in a row but the rebound from 1.0635 removed some downside momentum. Trader's attention lie now in the Australian employment report that will be released at 00:30 GMT, in about three hours.
Levels to watch for the AUD/NZD
The recovery from 1.0635 found resistance at 1.0695; above Aussie could gain momentum to make a run on top of 1.0700. The next resistance lies at 1.0730 (December 18, January 9 low) and 1.0780. To the downside, immediate support is located at 1.0670 and below at 1.0640 (January 15 low).
It was the third decline in a row but the rebound from 1.0635 removed some downside momentum. Trader's attention lie now in the Australian employment report that will be released at 00:30 GMT, in about three hours.
Levels to watch for the AUD/NZD
The recovery from 1.0635 found resistance at 1.0695; above Aussie could gain momentum to make a run on top of 1.0700. The next resistance lies at 1.0730 (December 18, January 9 low) and 1.0780. To the downside, immediate support is located at 1.0670 and below at 1.0640 (January 15 low).