AUD NZD got down near six week lows
8/24/2016 1:40:55 PM
The cross in the AUD/NZD held up the recovery near 1.0470 region and continued its downslide, now testing fresh six-week lows near 1.0400. The AUD/NZD pair now fell -0.26% to 1.0415, having posted fresh six-week lows at 1.0410 last hour. The constant bullish momentum behind the NZD/USD pair backed by RBNZ Governor Wheeler’s hawkish comments outweighs the gains seen in the Aussie pair, thus keeping the cross depressed near six-week lows. Furthermore, the gains in the AUD/USD pair stays restricted as the worse-than expected Australian construction output data continues to weigh on AUD/NZD. Australia’s construction output data for Q2 came in at-3.7% against -2.0% expected. While markets appear to have ignored poor NZ trade data. To the upside, the next persistence is placed at 1.0440 and above which it could extend gains to at 1.0490.To the downside immediate support might be placed 1.0405 below that at 1.0355. Fundamental Analysis
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