22 Dec 2014
AUD/NZD rebounds on weak NZ Consumer Confidence
FXStreet (Mumbai) - The Aussie advanced against the New Zealand dollar today, rebounding from seven straight weeks of losses on falling Consumer Confidence numbers from the Kiwi nation.
The AUD/NZD pair now trades at 1.0543, up 0.24% on the day, after hitting day’s high at 1.0553 levels in the early Asian morning. The Kiwi pair is likely to remain pressured after a Westpac Banking Corp. /McDermott Miller Ltd. gauge of consumer confidence dropped for a third straight quarter, signalling worsening overall consumer sentiments over New Zealand’s economic activity. The Westpac Consumer Sentiment numbers fell to 114.8 against the reading of 116.7 in the previous quarter.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0588 (Dec 18 High) levels, above which gains could be extended to 1.0608 (Dec 17 High) levels. On the flip side, support is seen at 1.0502 (Dec 18 Low) levels, below which it could extend losses to 1.0475 (Dec 17 Low) levels.
The AUD/NZD pair now trades at 1.0543, up 0.24% on the day, after hitting day’s high at 1.0553 levels in the early Asian morning. The Kiwi pair is likely to remain pressured after a Westpac Banking Corp. /McDermott Miller Ltd. gauge of consumer confidence dropped for a third straight quarter, signalling worsening overall consumer sentiments over New Zealand’s economic activity. The Westpac Consumer Sentiment numbers fell to 114.8 against the reading of 116.7 in the previous quarter.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0588 (Dec 18 High) levels, above which gains could be extended to 1.0608 (Dec 17 High) levels. On the flip side, support is seen at 1.0502 (Dec 18 Low) levels, below which it could extend losses to 1.0475 (Dec 17 Low) levels.