The Australian and New Zealand dollars found a brief respite from selling on Friday with speculators seemingly satiated for the moment, but the Aussie was still headed for its worst week in more than a year. The action was a little calmer on Friday with the Aussie holding at $0.9232, having hit a 33-month trough of $0.9163 the day before.
On the week, it is down 3.4 percent. Technically the downtrend remains intact for a push to $0.9145 and ultimately a test of 90 cents. The New Zealand dollar found a base around $0.7780 after briefly poking above $0.7800 on the back of profit-taking on short positions. Having fallen as much as 2 percent overnight to a one-year low of $0.7710, and more than 3 percent for the week, the mood is decidedly bearish.
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