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20 Dec 2013
AUD/NZD back on the downside after Thursday bounce; downtrend intact with target of 1.0560
FXstreet.com (Barcelona) - AUD/NZD is oversold, so rallies may occur at any point. However, technical support at 1.0560 is still a ways off – so any upside that does occur right now should be an opportunity to sell according to technicians.
AUD/NZD still in a macro downtrend despite Thursday’s bounce
The AUD/NZD has been in a strong downtrend since late October and is likely to stay in that trend unless and until a string of bullish data out of Australia or bearish data out of New Zealand forces traders to change their stance. There are no more data points due out from Australia or New Zealand this week. Next week, the important stuff for AUD/NZD traders will be delayed due to the holidays. Only Aussie New Home Sales appear on the calendar – and that isn’t until Friday.
Technical outlook for AUD/NZD
Technicians say the AUD/NZD broke below the 161.8% Fibonacci price projection line at 1.0950 last week. The ultimate downside target now becomes 1.0560 – the 261.8% projection line. Resistance at which technicians say the cross can be sold starts at the horizontal line / “correction resistance” at 1.0881 and is backed up by the 12/11 high of 1.0743.
AUD/NZD still in a macro downtrend despite Thursday’s bounce
The AUD/NZD has been in a strong downtrend since late October and is likely to stay in that trend unless and until a string of bullish data out of Australia or bearish data out of New Zealand forces traders to change their stance. There are no more data points due out from Australia or New Zealand this week. Next week, the important stuff for AUD/NZD traders will be delayed due to the holidays. Only Aussie New Home Sales appear on the calendar – and that isn’t until Friday.
Technical outlook for AUD/NZD
Technicians say the AUD/NZD broke below the 161.8% Fibonacci price projection line at 1.0950 last week. The ultimate downside target now becomes 1.0560 – the 261.8% projection line. Resistance at which technicians say the cross can be sold starts at the horizontal line / “correction resistance” at 1.0881 and is backed up by the 12/11 high of 1.0743.