Forex: AUD/NZD above 1.25 on Kiwi weakness

FXstreet.com (Barcelona) - AUDNZD is currently quoted around 1.2540 bids, off fresh 7-day high at 1.2577 following worse than expected NZ GDP 3Q delivering a +0.2% advance when consensus were forecasting a +0.4%. AUDNZD has managed to rebound from most extremely oversold level year to date on Monday when printing a fresh 2-month low at 1.2448 in early weekly start.

The cross has been rising on overall Kiwi weakness, being weakest currency among majors in last 2 days, followed by Aussie and Yen, even though positive result from last Fonterra dairy auction of the year, rising +1.1% compared to previous one 2 weeks ago. Milk powder though, biggest product by volume, fell for fourth sale in a row. AUDNZD is higher by +0.46% for the week, but -4.46% for the year 2012.

Immediate resistance to the upside for AUDNZD shows at mentioned recent 7-day high 1.2577, followed by Dec 10 highs at 1.2611, and Nov 29 lows at 1.2655. To the downside, closest support lies at recent session and Dec 11 lows 1.2512, followed by Dec 13 lows at 1.2469, and Dec 17 2-month lows 1.2449.