Forex: AUD/NZD shrugs off initial declines to finish slightly higher

FXstreet.com (Barcelona) - The AUD/NZD finished the day up 28 pips at 1.2068. The pair at one point traded as low as 1.1954 (its lowest levels since early October 2009), but was able to shrug off early weakness and edge higher much of the European and US Session. The RBNZ Financial Stability Report was released earlier in the session at 21:00GMT but didn’t seem to have much influence on the pair which is currently flat at 1.0253.

The FXStreet.com Trend Index remains Slightly Bearish on the daily chart, while the OB/OS index reads neutral. Short term moving averages remain bearish on the daily chart, with price below both the 9 and 20dma’s. Initial support comes in at 1.2029 (support on 1 hour chart), followed by 1.2010 (also support on 1 hour chart). First resistance comes in at 1.2075 (the 9dma), followed by 1.2129 (resistance on 1 hour chart)