RTTN:Australian Dollar Extends Downtrend Against NZ Dollar
The Australian dollar extended its recent decline against the New Zealand dollar ahead of the European session on Thursday, falling as low as 1.2611 around 2:55 am ET, down from 1.2623 hit late New York Wednesday.
The pair has been consolidating around its 38.2 percent retracement target at 1.2650 for the past couple of weeks and any further up or downswings could help the pair re-test major resistance or support levels.
Key level to watch for the AUD/NZD cross on the upside is 1.2730, its 50.0 percent retracement target and its 23.6 percent level of 1.2540 seen as the next likely support on the downside.
