25 Sep 2013
AUD/NZD bounces back from plunge below 1.1327
FXstreet.com (Chicago) - AUD/NZD fell below the upward trendline after sideways price movements throughout Tuesday. The pair bounced off 1.1324 zone breaking immediate support.
Experts talking
According to Christopher Romano, editor at IFR Markets, the potential for a double bottom grows with two tests near 1.12 in the past three months being rejected. The Relative Strength Index on daily and weekly charts turned from deeply oversold to upside bias, clearing the skies for a bullish panorama. Prior to NZ trade balance data due at 22:45 and financial stability review release in Australia, minimal gains are registered this past hour with a pair up 0.06%.
AUD/NZD Technical Levels
Offered at 1.1335, the pair oscillates between supports aligned at 1.1327 (August 8th lows), 1.1280 (August 15th lows) followed by 1.1239 (August 1st lows) and the resistances set at 1.1380 (August 15th highs), 1.1435 (September 15th highs) ahead of 1.1483 (September 8th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20. Parallel movements throughout the session with a late plunge match price action prior to eventual jump yesterday.
Experts talking
According to Christopher Romano, editor at IFR Markets, the potential for a double bottom grows with two tests near 1.12 in the past three months being rejected. The Relative Strength Index on daily and weekly charts turned from deeply oversold to upside bias, clearing the skies for a bullish panorama. Prior to NZ trade balance data due at 22:45 and financial stability review release in Australia, minimal gains are registered this past hour with a pair up 0.06%.
AUD/NZD Technical Levels
Offered at 1.1335, the pair oscillates between supports aligned at 1.1327 (August 8th lows), 1.1280 (August 15th lows) followed by 1.1239 (August 1st lows) and the resistances set at 1.1380 (August 15th highs), 1.1435 (September 15th highs) ahead of 1.1483 (September 8th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20. Parallel movements throughout the session with a late plunge match price action prior to eventual jump yesterday.