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6 Jan 2015
AUD/NZD falls below 1.05
FXStreet (Mumbai) - The AUD/NZD pair erased gains to trade below the 1.05 level mark, to trade near the 10-DMA level located at 1.0482.
The pair clocked a high of 1.0540 earlier today, after the HSBC data showed resilience in the Chinese service sector activity. However, the gains were erased as the widening of the trade deficit weighed over the Australian dollar. The Australian Bureau of Statistics said the country's trade deficit widened to AUD 0.93 billion in November from AUD 0.88 billion in October. Consequently, the AUD/USD struggles to extend gains after rising 0.51% earlier today. Meanwhile, the NZD/USD pair has gained 0.82% for the day.
AUD/NZD Technical Levels
The immediate support is seen at 1.0482 (10-DMA), under which the pair could test 1.0463 levels. Meanwhile, resistance is seen at 1.0512 (5-WMA) and 1.0568 levels.
The pair clocked a high of 1.0540 earlier today, after the HSBC data showed resilience in the Chinese service sector activity. However, the gains were erased as the widening of the trade deficit weighed over the Australian dollar. The Australian Bureau of Statistics said the country's trade deficit widened to AUD 0.93 billion in November from AUD 0.88 billion in October. Consequently, the AUD/USD struggles to extend gains after rising 0.51% earlier today. Meanwhile, the NZD/USD pair has gained 0.82% for the day.
AUD/NZD Technical Levels
The immediate support is seen at 1.0482 (10-DMA), under which the pair could test 1.0463 levels. Meanwhile, resistance is seen at 1.0512 (5-WMA) and 1.0568 levels.