Forex: AUD/NZD feels selling pressure below 1.2250

Continued Kiwi strength, strongest currency among majors for last few days, printing fresh highs since Sept 2011 at recent session highs 0.8492, is draging AUD/NZD down with it, as the cross has just touched fresh lows since June 2010 at 1.2194 during early Asia-Pacífic trade, down -0.94% already for the week.

According to Andrew Spencer from IFRMarkets, a “sustained 1.2220 break targets 1.2105 2010 low,” the analyst notes. AUD/NZD has broken previous Wednesday's multi-month lows at 1.2202 by few pips, now finding resistance below Tuesday's lows at 1.2225.

Immediate support to the downside lies at mentioned Feb 06 lows 1.2202, followed by June 28 2010 lows at 1.2111, and July 12 2010 lows at 1.2096. To the upside, closest resistance shows at current levels as Tuesday's lows 1.2225, followed by Feb 01 lows at 1.2278, and Feb 13 highs at 1.2314.