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May 9, 2013
Forex: AUD/NZD dealing with 1.21 round ahead of NZ&AU unemployment
FXstreet.com (Barcelona) - With AUD/USD and NZD/USD both holding above yesterday's multi-day lows at 1.0155 and 0.8360 respectively, AUD/NZD awaits New Zealand jobs data due at 22:45 GMT near session lows at 1.2099, as Kiwi is heading into session highs. Australia unemployment change will come next at 01:30 GMT and will also be very probably a big market mover.
“The NZD is such a small currency that it’s vital to know exactly what is going on at all times,” notes FXWW founder Sean Lee, adding: “Those ‘in the know’ tell me that 0.8360 is looming now as an extremely pivotal level. A break below there and we are likely to see much more liquidation of long Kiwi positions,” the analyst suggests.
Immediate support to the downside for AUD/NZD lies at current levels as Monday's previously weekly high 1.2099, followed by April 26-30 lows at 1.2055, and yesterday's/Friday's lows at 1.2020. To the upside, closest resistance shows at May 01 highs 1.2136, followed by yesterday's weekly highs at 1.2165, and April 24 highs at 1.2250.
“The NZD is such a small currency that it’s vital to know exactly what is going on at all times,” notes FXWW founder Sean Lee, adding: “Those ‘in the know’ tell me that 0.8360 is looming now as an extremely pivotal level. A break below there and we are likely to see much more liquidation of long Kiwi positions,” the analyst suggests.
Immediate support to the downside for AUD/NZD lies at current levels as Monday's previously weekly high 1.2099, followed by April 26-30 lows at 1.2055, and yesterday's/Friday's lows at 1.2020. To the upside, closest resistance shows at May 01 highs 1.2136, followed by yesterday's weekly highs at 1.2165, and April 24 highs at 1.2250.