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AUD/NZD: Topside failure 1.1250/1.13 leads to 1.1140 lows

FXStreet (Bali) - AUD/NZD continues to fail at a wall of offers lining up between 1.1250 and 1.13, with the current rate having retraced to 1.1140/35, lows for the week, with the weekly candle shaping up to be a second consecutive shooting star.

From a fundamental standpoint, the Australian Dollar sentiment took a turn for the worse during Asia - despite losses have been well contained - , following news that Chin, after almost a decade, is set to re-introduce a levy on coal import tariffs, a measure that will hit especially hard Australian miners given its dependency on China to sell their coal production.

Technically AUD/NZD is set to end the week with a third rejection off 1.1250/1.13 supply, with sellers now required to clear 1.11 area - cluster of bids in the periphery - to potentially expose 1.1030/35 key support ahead of 1.10 round number. On the upside, a break and consolidation above 1.13 is necessary to set the stage for higher ranges being traded.

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