Forex: Pacific pairs both hit year highs vs. Greenback

By IBTimes Staff Reporter | January 10 2010 10:03 PM

FXstreet.com (London) - The AUD and NZD both have traded upwards so far this session as Dollar weakness ran through markets and gold rallied. Pair continues to be boosted by well bid gold and a return to risk appetite by investors.

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AUD is currently trading flat this session having gained just 5 pips in early trade against the Dollar. Aussie trades at 0.9310 (five week high) and the Kiwi quotes at 0.7403 (six week high), also flat on the session.

Both pairs tightly range trading and Dollar weakness/risk appetite theme means any break of neutral trend will likely be to the upside. As such we find resistance for AUD/USD at 0.9325 (3 Dec high), and for NZD/USD, take 0.7430 (consolidation level 7 Jan) and after that 0.7450, (resistance level 7 Jan).

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