FXstreet.com (Barcelona) - Commodity currencies, such as the New Zealand Dollar, and its Canadian and Australian counterparts have been rallying during the last week, buoyed by risk appetite arisen on good macroeconomic data and positive stock markets, although they appear to have reached their respective tops, and might be about to retreat.
AUD/USD rose from 0.8155 low on August 17, to 0.8430 high, which has been tested on the 24th and 25th of August, and, after failure to break it, the Aussie us dipping to intra-week low at 0.8325.
Karen Jones, technical analyst at Commerzbank points out to several failures at the area around 0.8500: "AUD/USD inched higher – but stalled again ahead of .8500 – this is the third failure at this zone. We look for the market to ease lower and our attention has reverted to key support at .8167 – this is the 8 month uptrend."
USD/CAD dropped from 1.1125 high on August 17 to 1.0720 on August 24 to bounce back to levels around 1.0935 at the moment of writing, having already recovered in about 24 hours, more than half of the ground lost in a week.
NZD/USD rose fro, 0.6640 low on August 17 to 0.6900 high on August 25, to drop to levels around 0.6840 at the moment of writing. According to Jones, 0.6946 key resistance area lies right above yesterday's high: "Directly overhead we find the .6946/61.8% retracement of the entire move down from 2008 to 2009. We also note the symmetrical triangle on the daily chart offers an upside measured target to .7030."
