Wednesday, 14 March 2012 11:07
SYDNEY: The Australian and New Zealand dollars struggled to make any headway against a broadly firmer greenback on Wednesday, but held gains on the safe-haven yen after upbeat US data sparked a surge in Asian stocks.
This saw the Aussie dollar idle at $1.0538 in late trade, against $1.0540 in New York. Still, it held off a seven-week low of $1.0473 plumbed on Monday.
Traders cited bids around $1.0510, the first level of support, ahead of $1.0470, the 38.2 percent retracement of its mid-December-February rally. Resistance is seen at $1.0576/85, Monday's high and the top of the daily Ichimoku cloud.
The New Zealand dollar shed 0.4 percent on the day to $0.8198, trimming gains after rising as high as $0.8247 on Tuesday. Support is seen at its 55-day moving average round $0.8170, which has bolstered the currency in the past week.
The robust US data, the latest being a strong 1.1 percent jump in ...