Forex: AUD/NZD pops even though Aussie dips

FXstreet.com (Barcelona) - AUD/NZD is last at 1.2188 off recent lows at 1.2161, despite AUD/USD slide to fresh 6-week lows at 1.0218 following worse than expected HSBC flash manufacturing PMI China data. The cross is higher because Kiwi has fallen even further than Aussie.

NZD/USD has printed fresh 6-day lows at 0.8379 following the news, with Copper also sliding -1.2%, along with Chinese share markets lead by Shanghai down -1.37% and Hong-Kong -0.68%, while Australian ASX is higher by +0.97%. According to IFR Markets analysts, in case AUD/NZD broke below the 1.2145/0 level, it might “see deep slide as broad top unfolds,” they suggested.

Immediate support to the downside for AUD/NZD lies at mentioned double weekly low 1.2161/59, followed by Feb 14 lows at 1.2142, and Aug 2009 lows at 1.2121. To the upside, closest resistance shows at Monday's weekly highs 1.2246, followed by Thursday's highs at 1.2258, and April 12 highs at 1.2268.

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