FXstreet.com (London) - The AUD and NZD both have come to trade in bands now, after taking small upticks early in the session. Both pairs seem to be supported by stronger gold prices so far this year, and gold will likely provide a strong resistance floor for both, the Aussie in particular.
AUD is currently trading at 0.9133, up 20 pips from the open, and the Kiwi at 0.7338, for a gain of just 5 pips.
The Kiwi finished the year strong, and continues rising since it began in early March 2009. Interestingly, Goldman Sachs, the most profitable investment bank in history, touts long pound short Kiwi as one of its trades of the year for 2010- highlighting their belief that a correction is due on the New Zealand dollar.
Next resistance will be what the market is looking for here, for AUD/USD look to 0.9173 (High 5 Jan), and for NZD/USD, take 0.7348 (resistance zone 5 Jan) and after that 0.7388, (High 5 Jan).