SYDNEY: The Australian and New Zealand dollars were looking to close out the month with sizable gains on Friday as breaks of major chart barriers drew momentum buyers against a US currency saddled with aggressive rate cut expectations.
The Aussie stood at $0.6797 after touching a fresh eight-month top of $0.6823, leaving it 3.9% firmer for the month. Major resistance lies at $0.6871, a peak from last December, and then twin tops around $0.6894.
The kiwi dollar held at $0.6268, having reached a high of $0.6298 overnight, putting it a hefty 5.1% higher for the month. Support comes in around $0.6195, with the next bull target at the peak from December at $0.6369.
This made four straight weeks of gains for the Aussie, and five for the kiwi as markets became more convinced the US Federal Reserve would start an extended easing campaign from September.
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