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5 Mar 2014
AUD/NZD rises above 1.0700 after Australian GDP
FXStreet (Córdoba) - The AUD/NZD rose sharply in a few minutes from 1.0670 to 1.0714, reaching a fresh daily high boosted by economic data. In Australia GDP rose 0.8% during the fourth quarter of 2013, analysts were expecting an increase of 0.7%.
The better-than-expected report boosted the demand of the Aussie across the board, and pushed the AUD/NZD to the upside. Yesterday the pair finished flat around 1.0670 on the day that the Reserve Bank of Australia left interest rates unchanged.
After the initial reaction the AUD/NZD following GDP data remains above 1.0700, trading near daily highs, approaching 1.0715/20; above the next resistance could be located at 1.0745 and 1.0770. To the downside support might lie at 1.0700 and below here at 1.0655 (March 4 low) and 1.0625 (February 28 low).
The better-than-expected report boosted the demand of the Aussie across the board, and pushed the AUD/NZD to the upside. Yesterday the pair finished flat around 1.0670 on the day that the Reserve Bank of Australia left interest rates unchanged.
After the initial reaction the AUD/NZD following GDP data remains above 1.0700, trading near daily highs, approaching 1.0715/20; above the next resistance could be located at 1.0745 and 1.0770. To the downside support might lie at 1.0700 and below here at 1.0655 (March 4 low) and 1.0625 (February 28 low).