AUD/NZD drops to 1.2299 as provisional election results in New Zealand bolster the Kiwi, with technical indicators pointing toward a test of the 1.2265 support level.
The pair fell 0.7% on Monday to just below 1.2300 as provisional New Zealand election results gave the governing coalition a narrow majority, strengthening the Kiwi. Technicals show a deeply bearish setup below a descending channel, with bears targeting the 1.2265-1.2270 range lows. Final election results are only due November 27, leaving scope for shifts in the move.
Provisional election results give Prime Minister Luxon's coalition a narrow majority with 67 of 131 seats, removing political uncertainty and lifting the Kiwi, which was the strongest major currency today, gaining 0.99% versus the US Dollar. Final results on November 27 could still alter the picture.
The AUD/NZD pair fell 0.7% on Monday, trading at 1.2299 as provisional New Zealand election results signaled a narrow majority for the governing coalition. With the Kiwi strengthening across the board, bears are targeting the 1.2265-1.2270 support zone. Final election results are not expected until November 27.
Provisional results from New Zealand's general election showed the governing coalition winning a narrow majority with 67 of 131 seats, which strengthened the New Zealand Dollar, and the AUD/NZD pair dropped 0.7% to just below 1.2300.
The first downside target is the bottom of the two-month trading range at 1.2265-1.2270; below that, the September 4 low at 1.2220 is the next level, though the article says that looks out of reach for the coming sessions.
Provisional results from New Zealand's general election show the governing centre-right coalition with a narrow majority of 67 of 131 parliamentary seats, which investors took as a positive signal for the currency.