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15 May 2015
AUD/NZD: Oscillating around the pivot and mixed
FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0790 with a high of 1.0799 and a low of 1.0765.
AUD/NZD had been pressured lower with the slide in the Aussie in Asia and despite the Kiwi dropping o the Fronterra news. Fronterra cut its whole milk powder forecast by 5,650 Mt and the 12-Month Gdt offer volumes by 875 Mt, again painting a negative outlook for New Zealand's top product. This coupled with China's slow down the Kiwi is becoming ever more so vulnerable to an extension of the downside that commenced at 0.8800 in July last year.
Technically, the cross trades around the pivot with the upside contained by the ascending support line from 1.0760, that if tested, will open up 1.0720/30 and 1.0650 and 1.0520. Meanwhile, 1.0040 remains the key psychological level in the cross form where the rally commenced in 21st April away from parity.
AUD/NZD had been pressured lower with the slide in the Aussie in Asia and despite the Kiwi dropping o the Fronterra news. Fronterra cut its whole milk powder forecast by 5,650 Mt and the 12-Month Gdt offer volumes by 875 Mt, again painting a negative outlook for New Zealand's top product. This coupled with China's slow down the Kiwi is becoming ever more so vulnerable to an extension of the downside that commenced at 0.8800 in July last year.
Technically, the cross trades around the pivot with the upside contained by the ascending support line from 1.0760, that if tested, will open up 1.0720/30 and 1.0650 and 1.0520. Meanwhile, 1.0040 remains the key psychological level in the cross form where the rally commenced in 21st April away from parity.