SYDNEY: The Australian and New Zealand dollars were trying to steady on Thursday as upbeat data on global factory activity helped put a floor under commodity prices, though the technical background looked bleak after breaks of multiple support levels.
The Aussie was holding on at $0.7594 and in a precarious position having shattered chart support at $0.7620.
It was now a whisker away from the February trough of $0.7564, and a break would risk a reversal to $0.7491 or even the 200-day moving average at $0.7367.
The kiwi dollar huddled at $0.6975, having shed a steep 2.7% for the week so far. Many long positions were stopped out by the break under $0.7100, which quickly took it through another layer of support at $0.7000.
The next bulwark is the 200-day moving average at $0.6866.
The currency has been in free fall since New Zealand announced measures to cool its red-hot housing market, which was seen as a potential drag on the economy and lessening pressure for an early hike in interest rates.