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Australian, NZ dollar edges up on US Dollar

Australian, NZ dollar edges up on US Dollar

SYDNEY: The Australian and New Zealand dollars edged up on Friday as a shakeout in bullish US dollar positions gave the beleaguered Antipodeans some respite.

The Australian dollar was at $0.7697, having jumped 1.4 percent on Thursday when disappointing US retail sales hurt the US dollar and triggered a wave of short covering. Resistance was found around $0.7735, then $0.7775.

“The greenback finally hit a bump and the long overdue consolidation may be upon us,” said Stephen Innes, senior trader, at OANDA Asia Pacific.

The Aussie touched a six-year trough of $0.7561 on Wednesday, putting it on track to show a tiny weekly loss of 0.1 percent. It has shed 15 percent in the last 12 months.