The Australian and New Zealand dollars held around their highest levels in a week on Tuesday, underpinned by improving risk appetite, a stronger euro and hefty stock gains despite troubles in the Middle East and Japan. The Aussie, at around $1.0060, consolidating in a tight range after gaining a cent on Monday and a stunning turnaround from last week when it plunged to four-month lows around $0.9705.
The local dollar, buoyed by sizeable gains on the Nikkei and a healthy euro, defied troubles in Libya, spreading unrest in the Middle East and renewed radiation concerns in Japan. It is now sitting well above its 100-day moving average of $0.9980, with support seen at $1.0001 against resistance at $1.0087 and $1.0106.
The kiwi edged up to a one-week high of $0.7386, well above last week's trough around $0.7115. The yen edged back further on the crosses, allowing the Aussie to climb to 81.36 yen in a huge rally from last week's lows around 75.00. The kiwi also leapt to 59.73 yen, well off last week's near one-year trough of 54.98 yen.
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