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10 Jan 2014
AUD/NZD finds support at 2013 lows and rebounds
FXstreet.com (Córdoba) - The AUD/NZD achieved the second daily gain so far this year after rebounding from 1.0730 and managed to reach 2-day highs.
During the European session, the AUD weakened across the board pushing the AUD/NZD toward 2013 lows. The decline found support at 1.0730 (December 18 low) and rebounded strongly to the upside rising more than 50 pips. On American hours reached a daily high at 1.0788, ending the day at 1.0782, where currently trades.
Recovery ahead for the AUD/NZD?
The rally that started from 1.0730 could change the short-term perspective for the pair, that has been with a bearish bias since the beginning of the year. Price is consolidating above 1.0755 that in the last two days has been the middle point of a trading range, giving some bullish signs for the coming hours.
During the European session, the AUD weakened across the board pushing the AUD/NZD toward 2013 lows. The decline found support at 1.0730 (December 18 low) and rebounded strongly to the upside rising more than 50 pips. On American hours reached a daily high at 1.0788, ending the day at 1.0782, where currently trades.
Recovery ahead for the AUD/NZD?
The rally that started from 1.0730 could change the short-term perspective for the pair, that has been with a bearish bias since the beginning of the year. Price is consolidating above 1.0755 that in the last two days has been the middle point of a trading range, giving some bullish signs for the coming hours.