6 Apr 2015
AUD/NZD near record lows, eyes 1.00
FXStreet (Mumbai) - The Australian dollar underperformed its Oz counterpart in the European session, knocking-off the AUD/NZD cross below 5-DMA, as the Aussie remains undermined on RBA’s rate cut expectations ahead of the Australian central bank’s policy decision tomorrow.
AUD/NZD trades below 5-DMA
Currently, the AUD/NZD cross trades at 1.0045, down 0.18% on the day, recovering from session lows reached at 1.0021 levels. AUD/NZD slipped largely on the Aussie weakness as the Australian lost ground across the board as traders prefer to remain on the side lines ahead of the crucial RBA rate decision.
On the other hand, the NZ dollar continues to be supported by higher commodity prices and a flattish US dollar. In absence of major NZ data release in the week ahead, traders will focus on US economic releases including today’s US services PMI and FOMC minutes for further momentum on the pair.
AUD/NZD Levels to consider
To the upside, the next resistance is located at 1.0078 levels and above which it could extend gains to 1.0100 levels. To the downside immediate support might be located at 1.0021 levels below that at 1.00 levels.
AUD/NZD trades below 5-DMA
Currently, the AUD/NZD cross trades at 1.0045, down 0.18% on the day, recovering from session lows reached at 1.0021 levels. AUD/NZD slipped largely on the Aussie weakness as the Australian lost ground across the board as traders prefer to remain on the side lines ahead of the crucial RBA rate decision.
On the other hand, the NZ dollar continues to be supported by higher commodity prices and a flattish US dollar. In absence of major NZ data release in the week ahead, traders will focus on US economic releases including today’s US services PMI and FOMC minutes for further momentum on the pair.
AUD/NZD Levels to consider
To the upside, the next resistance is located at 1.0078 levels and above which it could extend gains to 1.0100 levels. To the downside immediate support might be located at 1.0021 levels below that at 1.00 levels.