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6 Feb 2013
Forex: AUD/NZD prints fresh 29-month lows on poor Aus retail sales data
As AUD/USD keeps falling printing fresh 2013 lows, last at 1.0346, following weak retail sales figures in Australia, so does AUD/NZD cross, last at 1.2256, fresh 29-month lows, with NZ markets closed today over holiday. Australian retail sales for the month of December showed a decline of -0.2% on a monthly basis, coming from a previous of -0.1% and revised lower to -0.2%, making it fourth consecutive month with decreasing data.
Now focused on tomorrows Aussie jobs data at 00:30 GMT, bit later than NZ ones, in case the unemployment figure disapointed, chances for another RBA rate cut in March's next meeting are increasing, following latest RBA more dovish than expected statement. AUD/USD now stalls around Dec lows at 1.0340, while AUD/NZD cross loses -0.27% for the week so far, with weekly RSI 14 at 32.
Immediate support to the downside for AUD/NZD lies at July 26 2010 lows 1.2206, followed by July 2010 lows at 1.2096, and April 2009 lows at 1.2026. To the upside, closest resistance comes at Monday's previous weekly lows 1.2278, followed by yesterday's London session lows at 1.2311, and yesterday's weekly highs at 1.2424.
Now focused on tomorrows Aussie jobs data at 00:30 GMT, bit later than NZ ones, in case the unemployment figure disapointed, chances for another RBA rate cut in March's next meeting are increasing, following latest RBA more dovish than expected statement. AUD/USD now stalls around Dec lows at 1.0340, while AUD/NZD cross loses -0.27% for the week so far, with weekly RSI 14 at 32.
Immediate support to the downside for AUD/NZD lies at July 26 2010 lows 1.2206, followed by July 2010 lows at 1.2096, and April 2009 lows at 1.2026. To the upside, closest resistance comes at Monday's previous weekly lows 1.2278, followed by yesterday's London session lows at 1.2311, and yesterday's weekly highs at 1.2424.