9 Jul 2013
AUD/NZD holding ground above 1.1700
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at 1.1697 bids, off recent weekly lows at 1.1675, printed by mid NY session, ahead of business confidence data both in NZ and Australia.
AUD/NZD double-bottom fails
According to FXWW founder Sean Lee, the AUD/NZD cross has failed to form a double low at around the 1.1645 level. “The double-bottom on the short-term charts had a neckline at 1.1725 but this level has failed to hold,” said Lee, adding: “This has slightly weakened the AUD bottom-pickers argument.”
AUD/NZD key technical levels
Immediate support to the downside for AUD/NZD lies at mentioned recent weekly lows 1.1675, followed by Friday's/Wednesday's lows at 1.1645, and Dec 2008 lows at 1.1636. To the upside, closest resistance shows at Thursday's highs 1.1729, followed by July 02 lows at 1.1760, and July 01 lows/Friday's highs at 1.1785.
AUD/NZD double-bottom fails
According to FXWW founder Sean Lee, the AUD/NZD cross has failed to form a double low at around the 1.1645 level. “The double-bottom on the short-term charts had a neckline at 1.1725 but this level has failed to hold,” said Lee, adding: “This has slightly weakened the AUD bottom-pickers argument.”
AUD/NZD key technical levels
Immediate support to the downside for AUD/NZD lies at mentioned recent weekly lows 1.1675, followed by Friday's/Wednesday's lows at 1.1645, and Dec 2008 lows at 1.1636. To the upside, closest resistance shows at Thursday's highs 1.1729, followed by July 02 lows at 1.1760, and July 01 lows/Friday's highs at 1.1785.