The Australian and New Zealand dollar consolidated under multi-month highs on Tuesday and were vulnerable to any disappointment from Europe and the United States data which could add to global growth concerns. The Aussie fetched $1.0518, having shed 0.5 percent the previous session.
Traders said a squeeze in crowded short euro/Aussie positions could see it retest Monday's session low of $1.0497, where a sustained break would target the 20-day moving average of $1.0460.
Immediate resistance was found around $1.0530, ahead of $1.0580 and $1.0615, the five-month high hit last week. The New Zealand dollar managed to edge up to a session high of $0.8113, from $0.8081 late in New York, helped in part by upbeat retail data. Near-term support is seen just below $0.8070, with sellers lined up at $0.8150.
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