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29 Dec 2014
AUD/NZD weakened for eight consecutive weeks
FXStreet (Mumbai) - The AUD/NZD pair fell for the eighth-consecutive week as weaker commodity prices weigh more heavily on the Australian economy.
The pair currently trades 0.13% higher at 1.0474, compared to the last week’s close at 1.0460 levels. Moreover, the falling commodity prices have triggered speculation that the Reserve Bank of Australia may cut interest rates. Though the New Zeland economy is vulnerable to weakening commodity prices as well, the impact on the Australian economy is much bigger when measured as a proportion of GDP.
AUD/NZD Technical Levels
The pair has an immediate resistance located at 1.0489 (5-DMA), above which another resistance is seen at 1.0510 (10-DMA). Meanwhile, support is located at 1.0465 and 1.0449 levels.
The pair currently trades 0.13% higher at 1.0474, compared to the last week’s close at 1.0460 levels. Moreover, the falling commodity prices have triggered speculation that the Reserve Bank of Australia may cut interest rates. Though the New Zeland economy is vulnerable to weakening commodity prices as well, the impact on the Australian economy is much bigger when measured as a proportion of GDP.
AUD/NZD Technical Levels
The pair has an immediate resistance located at 1.0489 (5-DMA), above which another resistance is seen at 1.0510 (10-DMA). Meanwhile, support is located at 1.0465 and 1.0449 levels.