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16 Aug 2013
AUD/NZD boosted above 1.1350 after NZ earthquake and Shanghai's “fat finger”
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at fresh session highs 1.3354 bids, managing to recover from early session fresh weekly lows at 1.1273 on the back of a NZ new earthquake, and massive spike higher on the Shanghai Composite.
AUD/NZD bouncing on Kiwi weakness
“The market tends to reacts first and think later when it comes to earthquakes in New Zealand. AUD/NZD was trading around 1.1300 and spiked up to 1.1350 before settling back at 1.1335,” said FXWW founder Sean Lee. The cross is still lower by -0.72% but at least it seems like it has found a short term base above the 1.1275 level.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at Monday's lows 1.1390, followed by August 08 highs at 1.1412, and Monday's/Tuesday's double weekly high at 1.1452/59. To the downside, closest support lies at Wednesday's lows 1.1328, followed by August 07 lows at 1.1259, and August multi-year lows at 1.1193.
AUD/NZD bouncing on Kiwi weakness
“The market tends to reacts first and think later when it comes to earthquakes in New Zealand. AUD/NZD was trading around 1.1300 and spiked up to 1.1350 before settling back at 1.1335,” said FXWW founder Sean Lee. The cross is still lower by -0.72% but at least it seems like it has found a short term base above the 1.1275 level.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at Monday's lows 1.1390, followed by August 08 highs at 1.1412, and Monday's/Tuesday's double weekly high at 1.1452/59. To the downside, closest support lies at Wednesday's lows 1.1328, followed by August 07 lows at 1.1259, and August multi-year lows at 1.1193.