14 Jan 2014
AUD/NZD retreats after 2-day rally
FXstreet.com (Córdoba) - The AUD/NZD lost ground on Monday and pulled back after rising in the previous two trading days. The Australian dollar lost momentum on European hours and retreated after finding resistance at 1.0860 ending the day hovering around 1.0800.
During the final hours the New York session the AUD/NZD bottomed at 1.0793 and bounce afterwards, but the rebound was capped by 1.0810.
Levels to watch for the AUD/NZD
Despite the decline, so far the pair has been able to hold above Friday's low that lie at 1.0775; immediate support below lies at 1.0750 and 1.0735 (January 9 low).
If the pair managed to hold above 1.0800 the Aussie could gain momentum and resume the recovery from multi-year lows. To the upside, immediate resistance lies at 1.0815, 1.0830 (American session high) and 1.0860 (January 13 high).
During the final hours the New York session the AUD/NZD bottomed at 1.0793 and bounce afterwards, but the rebound was capped by 1.0810.
Levels to watch for the AUD/NZD
Despite the decline, so far the pair has been able to hold above Friday's low that lie at 1.0775; immediate support below lies at 1.0750 and 1.0735 (January 9 low).
If the pair managed to hold above 1.0800 the Aussie could gain momentum and resume the recovery from multi-year lows. To the upside, immediate resistance lies at 1.0815, 1.0830 (American session high) and 1.0860 (January 13 high).