30 Jul 2013
AUD/NZD falls to session lows at 1.1450
FXstreet.com (New York) - The AUD/NZD technical cross has careened off a cliff Tuesday morning, crumbling towards session lows in these moments as it continues to wither during Asian trading.
At the time of writing, the AUD/NZD is now operating at 1.1449, now incurring a fall of -0.05% and exacerbating yesterdays losses. Technically speaking, the cross will face support at 1.1431 (July 29 low), ahead of 1.1399 (July 25 low).
AUD/NZD strategic bias
According to Sean Callow, a Global FX Strategist at Westpac, “An RBA cut would be felt keenly through AUD/NZD. It would bring policy rates in Australia and New Zealand into line for the first time in over four years. Furthermore, the RBNZ's hawkish shift last week means the Australian dollar's yield advantage could be superseded in due course.”
At the time of writing, the AUD/NZD is now operating at 1.1449, now incurring a fall of -0.05% and exacerbating yesterdays losses. Technically speaking, the cross will face support at 1.1431 (July 29 low), ahead of 1.1399 (July 25 low).
AUD/NZD strategic bias
According to Sean Callow, a Global FX Strategist at Westpac, “An RBA cut would be felt keenly through AUD/NZD. It would bring policy rates in Australia and New Zealand into line for the first time in over four years. Furthermore, the RBNZ's hawkish shift last week means the Australian dollar's yield advantage could be superseded in due course.”