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Time to sell AUD buy NZD?

Written by Andrew Isbister on February 18th, 2011.      0 comments

4:20 PM (NZT) 18 Feb: AUDNZD continues its current run of strength in February, with the last five trading days seeing it post almost consistent daily gains. Main driver is NZDUSD has weakened over this period, relative to the AUDUSD. AUD has put in a strong performance in the last two days, bouncing back well having been sold down to .9960, when ratings agency Moody’s announced they were reviewing Australian bank credit ratings earlier in the week.

We are currently trading AUDNZD in the interbank market at 1.3330, AUDUSD at 1.0115 and NZDUSD just below 76 US cents. Whilst NZDUSD is experiencing a current period of weakness, key support remains at .7500.

The ten years high for AUDNZD has been 1.3512. Many market commentators are now once again talking AUDNZD to 1.3500. Possibly this may happen, however nothing is for certain. What is for certain is AUDNZD is again trading at historically high levels. Therefore it is again arguably a great time to sell AUD buy NZD, if you have a natural interest to do so.
 

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