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5 Feb 2015
AUD/NZD trades below 50-DMA
FXStreet (Mumbai) - The AUD/NZD trades below the 50-DMA level located at 1.5035 levels, after having failed earlier today to rise above the same.
Pair trades near three-week lows
The pair continues to hover around three-week lows after the gap between the central bankers of both nations widened further after the Reserve Bank of Australia (RBA) unexpectedly cut interest rates, while the Reserve Bank of New Zealand (RBNZ) held policy rates unchanged.
Furthermore, the diverging prices of iron ore and dairy products is also supporting the gains in the NZD. The GDT price index at the latest auction rose more than 9%, while iron ore prices continue to fall.
AUD/NZD Technical Levels
The pair currently trades 0.20% higher at 1.0541 levels. The immediate resistance is located at 1.5035 (50-DMA), above which gains could be extended to 1.0607 (5-DMA) levels. Meanwhile, support is seen at 1.0505 and 1.0459 levels.
Pair trades near three-week lows
The pair continues to hover around three-week lows after the gap between the central bankers of both nations widened further after the Reserve Bank of Australia (RBA) unexpectedly cut interest rates, while the Reserve Bank of New Zealand (RBNZ) held policy rates unchanged.
Furthermore, the diverging prices of iron ore and dairy products is also supporting the gains in the NZD. The GDT price index at the latest auction rose more than 9%, while iron ore prices continue to fall.
AUD/NZD Technical Levels
The pair currently trades 0.20% higher at 1.0541 levels. The immediate resistance is located at 1.5035 (50-DMA), above which gains could be extended to 1.0607 (5-DMA) levels. Meanwhile, support is seen at 1.0505 and 1.0459 levels.