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26 Jun 2015
AUD/NZD falls after rising four weeks in a row
FXStreet (Córdoba) - The kiwi managed to post modest weekly gains versus the Australian dollar and printed the first gain since mid-May. AUD/NZD failed to recover ground on Friday, and dropped back below 1.1200.
It bottomed at 1.1162, slightly above Wednesday and Thursday’s lows and then bounced to the upside, but unable to rally above 1.1200.
AUD/NZD outlook
AUD/NZD has risen in eight out of the last ten weeks. During the week the pair tested several times the 1.1300 barrier but it failed to break above and pulled back. The downside found support at 1.1155/60.
The main trend remains bullish and recent moves should be considered a normal correction. The kiwi remains among the weakest in the market amid expectations of another rate cut by the Reserve Bank of New Zealand, but the aussie faced pressure during the last few days.
It bottomed at 1.1162, slightly above Wednesday and Thursday’s lows and then bounced to the upside, but unable to rally above 1.1200.
AUD/NZD outlook
AUD/NZD has risen in eight out of the last ten weeks. During the week the pair tested several times the 1.1300 barrier but it failed to break above and pulled back. The downside found support at 1.1155/60.
The main trend remains bullish and recent moves should be considered a normal correction. The kiwi remains among the weakest in the market amid expectations of another rate cut by the Reserve Bank of New Zealand, but the aussie faced pressure during the last few days.