Wednesday, 15 August 2012 10:42
WELLINGTON/SYDNEY: The Australian and New Zealand dollar slipped on Wednesday, with investors using growth concerns in China and a large unwinding of short positions in the euro as an excuse to take profits.
Aussie edges lower to $1.0468, from $1.0490 in early trade. Next support seen around $1.0464, the 20-day MA, ahead of $1.0432, the low on Aug 2. Resistance at $1.0580.
New Zealand dollar drifts to a near three-week low around $0.8040, more than half a cent lower from its late local level on Tuesday.
Global themes and events driving the kiwi, and the momentum is negative, with near-term support seen at $0.8028 with a substantial base seen at $0.7990, the late-July low.
Investors looking for excuses to sell following hefty gains for the Antipodeans. Aussie had climbed to a five-month peak of $1.0615 last week, while the kiwi rose to $0.8224 earlier this month, its highest since late April.
Some cited a media ...