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8 Jan 2014
AUD/NZD regains downside momentum, back under 1.0800
FXstreet.com (Córdoba) - The AUD/NZD fell again on Tuesday and finished around 1.0770 just a few pips above 2013 lows. It was the third daily decline in a row.
During the European session the pair broke below 1.0800 and tumbled quickly to 1.0753, reaching the lowest price since December 18. In the last hours price has remain steady, hovering around 1.0765. After Wall Street closing bell, the Aussie started to recover but lost momentum after the release of the AiG Construction Index of Australia for December that showed a decline from 55.2 to 50.8.
AUD/NZD eyes 2013 lows
The recovery from 1.0735 was capped by the 1.0915 area and last week the Aussie was rejected from levels on top of 1.0900 and accelerated to the downside, finding support at 1.0800. The mentioned support was broke yesterday, opening the doors to another slide that took the price near 2013 lows.
During 2013 the pair bottomed at 1.0735 on December 18, the day when the Aussie started to recover ground. Currently trades at 1.0770, less than 50 pips above December lows; if it break below it would be trading at weakest level since October 2010.
During the European session the pair broke below 1.0800 and tumbled quickly to 1.0753, reaching the lowest price since December 18. In the last hours price has remain steady, hovering around 1.0765. After Wall Street closing bell, the Aussie started to recover but lost momentum after the release of the AiG Construction Index of Australia for December that showed a decline from 55.2 to 50.8.
AUD/NZD eyes 2013 lows
The recovery from 1.0735 was capped by the 1.0915 area and last week the Aussie was rejected from levels on top of 1.0900 and accelerated to the downside, finding support at 1.0800. The mentioned support was broke yesterday, opening the doors to another slide that took the price near 2013 lows.
During 2013 the pair bottomed at 1.0735 on December 18, the day when the Aussie started to recover ground. Currently trades at 1.0770, less than 50 pips above December lows; if it break below it would be trading at weakest level since October 2010.