FX:AUDNZD   Australian Dollar / New Zealand Dollar
AUDNZD's down trend may have have run its course. We can see that price is at the upper border of the former downsloping channel, trading around the 1.11 handle and approaching the 61.8% retracement of the entire Oct-Nov rally. And it is doing it in a very good style: lower highs and lower lows, conforming to the steep bear trendline - so chances are it is on its way to the support level of 1.10625. Both currencies (AUD and NZD) are relatively neutral in terms of their relative strength , but the AUD has become even weaker than NZD to an extent of being well oversold. So, if market finds its base for a rebound (support) at 1.11, I think we're going to see some nice corrective rally here.
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Target hit. :-)
+1 Reply
kakola ForceFollower
That was an accurate target for the top there, good job. How did you decide where to put it?