AUD/NZD: worst week since early August

By FXStreet FXStreet (Córdoba) – AUD/NZD was the worst performer among the most traded pairs. While the kiwi climbed across the board, the aussie was in the group of the worst performers.

The pair broke on Wednesday a key medium term support area located around 1.0860/80 and accelerated to the downside. It bottomed during the week at 1.0630/35, the lowest level since May.

On Friday it finished around 1.0670, 280 pips below the level it closed last week. The decline was the worst since August amid a continuation of the recovery of the kiwi and higher than expected inflation data in New Zealand. The aussie weakened in the market after the Australian employment report.

AUD/NZD technical levels

To the downside potential support levels might lie at 1.0635 (Oct 16 low), 1.0575 (May 7 & 28 lows) and 1.0530. On the opposite direction, resistance might now lie at 1.0775 (Oct 15 high), 1.0840 (previous support) and 1.0985 (Oct 6 & 13 highs).
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Source:: FX Street