During this morning’s European session the AUD/NZD currency pair tries to maintain this weeks rally as it approaches overhead horizontal resistance (1) whilst firmly inside a mid-term down trending channel which began on the 18th of August this year. Selling pressure could ensue at these current levels, and if so will most likely drive prices lower throughout this week with good support at 10757.8.
However, if the bulls can manage to surpass this resistance zone now in play, and break convincingly above (2) the short-mid term outlook should be considered bullish with a fairly straight shot to 109233.0 as the first level of interest to watch out for.
However, if the bulls can manage to surpass this resistance zone now in play, and break convincingly above (2) the short-mid term outlook should be considered bullish with a fairly straight shot to 109233.0 as the first level of interest to watch out for.