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27 Jun 2013
AUD/NZD above 1.1950 as NZ Trade Balance disappoints
FXstreet.com (Barcelona) - With NZ Trade balance just released showing and increase of +71mln NZD vs 400mln expected m/m, the AUD/NZD cross is last trading at 1.1954, off early NY session lows at 1.1880.
Solid downtrend
According to FXWW founder Sean Lee, “AUD/NZD is in a solid downtrend and technical/psychological resistance at 1.2000 is now looking formidable.” The analyst believes the AUD/NZD is “looking like the safest bet.”
Key technical levels
Immediate support to the downside for AUD/NZD lies at Wednesday's lows 1.1880, followed by Monday's weekly lows at 1.1853, and Friday's lows at 1.1835. To the upside, closest resistance shows at June 17 highs 1.1972, followed by Tuesday's weekly highs at 1.2001, and June 11 highs at 1.2033.
Solid downtrend
According to FXWW founder Sean Lee, “AUD/NZD is in a solid downtrend and technical/psychological resistance at 1.2000 is now looking formidable.” The analyst believes the AUD/NZD is “looking like the safest bet.”
Key technical levels
Immediate support to the downside for AUD/NZD lies at Wednesday's lows 1.1880, followed by Monday's weekly lows at 1.1853, and Friday's lows at 1.1835. To the upside, closest resistance shows at June 17 highs 1.1972, followed by Tuesday's weekly highs at 1.2001, and June 11 highs at 1.2033.