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The Australian and New Zealand dollars wallowed near multi-month lows on Monday as a rout in Asian stocks added to jitters in a market already fretting about Europe's debt crisis and slower global growth. The Aussie dipped 0.4 percent on the day to $0.9654, edging closer to eight-month lows of $0.9581 hit on Friday.
It fell as deep as $0.9627 after small stops below $0.9645 were triggered with moving-average studies suggesting more downwards pressure ahead. For now, immediate support can be found at $0.9625, ahead of $0.9581, the December 2010 low. A break below would target $0.9388, its 2011 trough plumbed in October. Also under pressure, the New Zealand dollar eased to $0.7521, from $0.7535 in NY on Friday, having plumbed a fresh six-month trough of $0.7456. Initial support is seen at $0.7500, ahead of $0.7455 with the topside capped at $0.7580.

Copyright Reuters, 2012

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