AUD/NZD worst week since early August, still above 1.1000

By FXStreet FXStreet (Córdoba) – AUD/NZD fell on Friday for the fourth day in a row and extended weekly losses. The pair is about to end the week at 1.1010/20, more than 200 pips below the level it had five days ago.

While the kiwi was the top performer among commodity currencies, boosted by data and an improvement in dairy prices for farmers in New Zealand. The Aussie dropped across the board weakened by fears of global growth deceleration and by Chinese data. Next week on Thursday a new PMI report on China will be released and also that day the Golden Week will start.

AUD/NZD remains in ranges

Despite the weekly decline the pair still remains in range as it has been the case since June. The upside remains capped by 1.1300 while to the downside the key support is located at 1.0900.

A negative signal for the aussie it that for the first time since April, AUD/NZD is about to post a close below the weekly 20-SMA.
For more information, read our latest forex news. …read more

Source:: FX Street