The Australian and New Zealand dollars slipped against their major counterparts in the early Asian session on Monday, as traders sold high-yielding assets after better-than-expected U.S. durable goods orders data raised concerns about Federal Reserve winding down its asset purchase program.
The Commerce Department report said last week that U.S. durable goods orders advanced a better-than-expected 3.3 percent in April after tumbling by a revised 5.9 percent in March.
The data added to worries as Fed Chairman Ben Bernanke in Congressional testimony last week signaled that upbeat economic data could lead the central bank to taper its asset purchase program in the next few meetings.
The aussie slipped to a 4-day low of 0.9614 against the greenback, and further downtrend for the aussie-greenback pair from this level will bring it to its weakest level reached on June 2012.
The aussie may find support around 0.95 level. The pair ended Friday's deals at 0.9642. The aussie declined to 96.95 against the Japanese yen for the first time since April 2.
This may be compared to last week's close of 97.67. On the downside, the aussie may eye support around 96.00 level. The aussie fell to a 1-1/2-year low of 1.3443 against the euro from Friday's close of 1.3398.
The next support for the aussie lies around 1.35 level. The NZ dollar slipped to 4-day lows of 0.8064 against the U.S. dollar and 81.32 against the yen, down from last week's closing quote of 0.8085 and 81.90, respectively.
If the kiwi extends downtrend, it has support around 0.79 against the greenback and 80.00 against the yen.
The kiwi that ended Friday's deals at 1.5975 against the European currency reached as low as 1.6019.
The kiwi may break next downside target level around 1.61. The kiwi eased from session's high of 1.1888 against the aussie and is trading at 1.1919. The U.K. and the U.S. markets are closed for national holidays.
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