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14 Jan 2015
AUD/NZD tumbles with copper
FXStreet (Mumbai) - The Australian dollar edged lower versus its Oz counterpart in the Asian session, snapping four consecutive days of gains as Aussie witnessed a free fall on tumbling copper and oil prices.
Currently, the AUD/NZD pair trades at 1.0492 levels, down -0.58% on the day, having posted day’s low at 1.0488 levels some minutes ago. The cross in AUD/NZD remains pressured largely on the Aussie weakness versus the greenback as crashing copper and silver prices continues to have a negative impact on the heavily commodity exports–dependent economy such as Australia. The Kiwi is also dragged down by the free fall in copper prices but the Australian dollar seems to be worst affected.
The cross remains lower as the AUD/USD falls to 0.8094 levels, down -0.88% on the day. While NZD/USD trades at 0.7716, down -0.28%, at time of writing.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0545 (Jan 6 High) levels, above which gains could be extended to 1.0573 (Jan 5 High) levels. On the flip side, support is seen at 1.0472 (Jan 5 Low) levels, from here it to below 1.0435 (Jan 1 Low) levels.
Currently, the AUD/NZD pair trades at 1.0492 levels, down -0.58% on the day, having posted day’s low at 1.0488 levels some minutes ago. The cross in AUD/NZD remains pressured largely on the Aussie weakness versus the greenback as crashing copper and silver prices continues to have a negative impact on the heavily commodity exports–dependent economy such as Australia. The Kiwi is also dragged down by the free fall in copper prices but the Australian dollar seems to be worst affected.
The cross remains lower as the AUD/USD falls to 0.8094 levels, down -0.88% on the day. While NZD/USD trades at 0.7716, down -0.28%, at time of writing.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0545 (Jan 6 High) levels, above which gains could be extended to 1.0573 (Jan 5 High) levels. On the flip side, support is seen at 1.0472 (Jan 5 Low) levels, from here it to below 1.0435 (Jan 1 Low) levels.