The Australian and New Zealand dollars found a tentative footing on Thursday, after slipping to multi-week lows on the dollar and yen when fear Europe's debt crisis would widen fed a bid for safe-havens like government debt. The Australian dollar dropped as far as $1.0021 at one stage as a break of $1.0051 triggered stop-loss sales, but as the session wore on it slowly recovered all the lost ground to stand at $1.0101.
Support is seen at $1.0016 ahead of a major barrier at the cloud base at $0.9918. Hourly resistance is found around $1.0127. The Antipodeans fully recovered from 6-week lows on the safe-haven yen, with the Aussie back at 77.74 yen, having fallen as low as 77.17. Similarly, the kiwi was back at 59.05, from a trough of 58.74.
The NZ dollar drifted up to $0.7670, from $0.7655 in New York, having dropped to a six-week low of $0.7617 earlier in the session. The kiwi is still down around 5 percent so far this month. Key support is seen at $0.7554 with resistance at the hourly high around $0.7730, ahead of $0.7750.
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