by Wed, 12 May 2010 03:22:00 +0200
AUD/NZD trading in a narrow range around 1.2485
FXstreet.com (Barcelona) - The pair continues to trade in a consolidative phase, still moving inside Tuesday's range between 1.2525 -1.2445. Since Monday, when the pair seesawed in a wide 200 pips range, the closing price barely changed centered at 1.2485.
In Asia, AUD first led the uprising capped by 1.2500 zone (intra-day high). Following the climb, the pair descended limited by 1.2466 (intra-day low). At the moment, AUD makes another attempt to test higher bands as price can be found around 1.2480.
On the upside, resistance may settle at 1.2525 (May 11 high), 1.2545 (May 7 high), 1.2600 (May 4 low). On the downside, support can be taken at 1.2440 (May 11 low), 1.2415 (February 2 low), 1.2350 (December 31 close).
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