AUD/NZD: Signs of stabilisation have emerged - SocGen

According to the analysts at Societe Generale, signs of stabilisation have emerged in AUD/NZD after it briefly probed a multi-decade channel in 2015.

Key Quotes

“It has been forming a bullish large inverse head and shoulders. Monthly RSI has broken beyond a multi-year channel, which denotes the possibility of a larger up move. The pair is now piercing above the descending channel that has been in place since 2011 and has also confirmed a smaller inverse H&S. This suggests a move towards the neckline of the larger formation near 1.1440/60, with intermittent targets at 1.1060 and 1.12.”