18 Dec 2014
Gains in AUD/NZD capped at 5-DMA
FXStreet (Mumbai) - The sharp rebound witnessed in the AUD/NZD pair today appears to have been halted near the 5-DMA located at 1.0580 levels.
The pair currently trades 0.32% higher at 1.0573, after having recovered from the low of 1.0483 levels hit earlier today. Moreover, the Aussie has gained almost 0.9% against the US dollar, outperforming the Kiwi, which has gained 0.55%. Both currencies rallied against the greenback after the Federal Reserve (Fed) said it would be "patient" before raising rates. The NZD under performed despite the country reporting Third quarter GDP at 1.0%, beating the estimate of a 0.7% rise and up from a growth rate of 0.7% in the three months to June.
AUD/NZD Technical Levels
The immediate resistance is seen at 1.0580 (5-DMA), above which gains could be extended to 1.0608 levels. On the flip side, a break below support at 1.0550, may see the pair re-test the 1.0483 levels.
The pair currently trades 0.32% higher at 1.0573, after having recovered from the low of 1.0483 levels hit earlier today. Moreover, the Aussie has gained almost 0.9% against the US dollar, outperforming the Kiwi, which has gained 0.55%. Both currencies rallied against the greenback after the Federal Reserve (Fed) said it would be "patient" before raising rates. The NZD under performed despite the country reporting Third quarter GDP at 1.0%, beating the estimate of a 0.7% rise and up from a growth rate of 0.7% in the three months to June.
AUD/NZD Technical Levels
The immediate resistance is seen at 1.0580 (5-DMA), above which gains could be extended to 1.0608 levels. On the flip side, a break below support at 1.0550, may see the pair re-test the 1.0483 levels.