12 Aug 2015
AUD/NZD testing weekly lows near 1.1130
FXStreet (Mumbai) - The Australian dollar tries to recover lost ground somewhat against its OZ counterpart in the early European trades, now lifting AUD/NZD from fresh weekly lows reached neat 1.11 handle, as both the Antipodean remain largely unaffected following the release of downbeat Chinese macro releases.
AUD/NZD keeps the red on data
Currently, the AUD/NZD pair trades -0.37% lower at 1.1134, recovering mildly from 1.1129 weekly lows. The AUD/NZD pair remains heavy largely driven by greater losses in the Aussie as compared to that in the NZD/USD pair.
The Aussie suffered the most, albeit poses weak recovery now following the second round of PBOC yuan devaluation. While the traders chose to ignore the latest streak of disappointing China economic data.
Combined output from China's mines, manufacturers, and utilities rose 6.0% y/y in July, after a 6.8% rise was recorded for the month of June. Further data released by the NBS showed fixed asset investment rising 11.2% year-to-date compared with the same period a year ago in July, and retail sales rising 10.5% year-on-year in July, both missing forecasts.
China remains Australia's and New Zealand’s biggest trading partner.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.1187 (Today’s High) levels, above which gains could be extended to 1.1228 (Aug 11 High). On the flip side, support is seen at 1.1100 levels from here it to 1.1057 levels.
AUD/NZD keeps the red on data
Currently, the AUD/NZD pair trades -0.37% lower at 1.1134, recovering mildly from 1.1129 weekly lows. The AUD/NZD pair remains heavy largely driven by greater losses in the Aussie as compared to that in the NZD/USD pair.
The Aussie suffered the most, albeit poses weak recovery now following the second round of PBOC yuan devaluation. While the traders chose to ignore the latest streak of disappointing China economic data.
Combined output from China's mines, manufacturers, and utilities rose 6.0% y/y in July, after a 6.8% rise was recorded for the month of June. Further data released by the NBS showed fixed asset investment rising 11.2% year-to-date compared with the same period a year ago in July, and retail sales rising 10.5% year-on-year in July, both missing forecasts.
China remains Australia's and New Zealand’s biggest trading partner.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.1187 (Today’s High) levels, above which gains could be extended to 1.1228 (Aug 11 High). On the flip side, support is seen at 1.1100 levels from here it to 1.1057 levels.