Back
23 Feb 2015
AUD/NZD drops to fresh lows on falling commodity prices
FXStreet (Mumbai) - AUD/NZD dropped in the European session, hovering near fresh session lows largely on the back of Aussie weakness, dragged down by declining commodity prices.
AUD/NZD inches towards multi-year lows
Currently, the AUD/NZD cross trades lower by -0.50% at 1.0370 levels, with a day’s high of 1.0431 and day’s lows posted at 1.0364. The cross in AUD/NZD edged lower, mainly pulled down by the Australian dollar on declining prices of bullion and copper, with the safe-haven appeal of bullion easing given the euro zone-Greece deal late on Friday, as investors moved their investments to riskier assets.
On the other side of the story, NZD also remains weak against the US dollar. However, the losses in the Aussie are greater than that in the NZD/USD pair. At the moment, AUD/USD trades -0.65% lower at 0.7790 levels, while NZD/USD trades -0.15% at 0.7514 levels.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0431 levels, above which gains could be extended to 1.0445 levels. On the flip side, support is seen at 1.0347 levels, from here it to below 1.0300 levels.
AUD/NZD inches towards multi-year lows
Currently, the AUD/NZD cross trades lower by -0.50% at 1.0370 levels, with a day’s high of 1.0431 and day’s lows posted at 1.0364. The cross in AUD/NZD edged lower, mainly pulled down by the Australian dollar on declining prices of bullion and copper, with the safe-haven appeal of bullion easing given the euro zone-Greece deal late on Friday, as investors moved their investments to riskier assets.
On the other side of the story, NZD also remains weak against the US dollar. However, the losses in the Aussie are greater than that in the NZD/USD pair. At the moment, AUD/USD trades -0.65% lower at 0.7790 levels, while NZD/USD trades -0.15% at 0.7514 levels.
AUD/NZD Technical Levels
The pair has an immediate resistance at 1.0431 levels, above which gains could be extended to 1.0445 levels. On the flip side, support is seen at 1.0347 levels, from here it to below 1.0300 levels.