5 Jan 2015
AUD/NZD falls to 5-DMA
FXStreet (Mumbai) - The AUD/NZD pair erased gains to trade at the 5-DMA level located at 1.05 levels during the US session today.
The weakness in the Commodity prices has capped gains in the Aussie, while the Kiwi has inched higher against the US dollar. The Crude oil led fall in the commodity prices has weighed over the Australian Dollar, which remains largely unchanged against the US dollar at 0.85089 levels. Meanwhile, the NZD/USD pair has recovered from the low of 0.7620 to trade at 0.77 levels at the time of writing.
Moreover, the NZD finds support against the AUD due to the relatively hawkish Reserve Bank of New Zealand. Consequently, the AUD/NZD cross gave up its gains to trade lower at 1.05 levels.
AUD/NZD Technical Levels
The pair may extend the drop to 1.0481 (10-DMA) levels, if it fails to sustain above the 5-DMA located at 1.05. On the other hand, a re-test of 1.0568 can be seen, if the pair takes out immediate resistance located at 1.0537 levels.
The weakness in the Commodity prices has capped gains in the Aussie, while the Kiwi has inched higher against the US dollar. The Crude oil led fall in the commodity prices has weighed over the Australian Dollar, which remains largely unchanged against the US dollar at 0.85089 levels. Meanwhile, the NZD/USD pair has recovered from the low of 0.7620 to trade at 0.77 levels at the time of writing.
Moreover, the NZD finds support against the AUD due to the relatively hawkish Reserve Bank of New Zealand. Consequently, the AUD/NZD cross gave up its gains to trade lower at 1.05 levels.
AUD/NZD Technical Levels
The pair may extend the drop to 1.0481 (10-DMA) levels, if it fails to sustain above the 5-DMA located at 1.05. On the other hand, a re-test of 1.0568 can be seen, if the pair takes out immediate resistance located at 1.0537 levels.