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The NZD consolidates off the lows against the AUD.

Written by Sam Coxhead on November 16th, 2012.      0 comments

12:50 PM (NZT) The price action for this pair has been relatively uneventful this week. This is somewhat surprising given the materially weak NZ retail sales numbers for the 3rd quarter. In the offshore session overnight, the NZD took back some lost ground as it found support against the USD, where the AUD investigated lower levels. The pair remains well within its recent comfortable range. There is unlikely to be serious investigations through the .7800 (1.2820) level in the absence of confirmation of further easing of the cash rate from the RBNZ.  On any NZD outperformance of the AUD , the .7860 (1.2720) level looks to offer initial resistance. Over time I think levels below .7850 (above 1.2740) could well prove to offer good value buying of NZD with AUD.
 
The current interbank midrate is:                                                  NZDAUD .7837               AUDNZD 1.2759
                                                                                         
The interbank range so far this week to date has been:                 NZDAUD .7794 - .7860    AUDNZD 1.2723 – 1.2830
Topics: NZD AUD
 

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