Forex: AUD+NZD gain early, Aussie slips but Kiwi holds

By IBTimes Staff Reporter | December 30 2009 11:09 PM

FXstreet.com (London) - The AUD and NZD have both traded to the upside so far this session versus Greenback, with low volumes exacerbating some renewed Dollar strength in Asian trading. While the Aussie has retraced most of its early gains, NZD has consolidated and now trades a narrow band.

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AUD is currently trading at 0.8950, up 10 pips, and the Kiwi at 0.7253, for a gain of 25 pips.

Market commentators cite technical levels being broken on other important Kiwi pairs such as NZD/JPY. The Kiwi is finishing the year strong, and continues rising since it began in early March this year. Interestingly, Goldman Sachs, the most profitable investment bank in history, touts long pound short Kiwi as one of its trades of the year- highlighting their belief that a correction is due on the New Zealand dollar.

Support for AUD/USD at 0.8914 (low tested in previous US session), and for NZD/USD, resistance take as upper bound of current band, 0.7265 .

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