At the beginning of the week, the AUD/NZD bounced back to hit an intraday high of 1.2292, but is steadily losing momentum and should fall back to the downside over the following week.
Currency Pair: AUD/NZD
Short-Term Bias: Short
Chart: 60 Min Charts
Analysis
At the beginning of the week, the AUD/NZD bounced back to hit an intraday high of 1.2292, but is steadily losing momentum and should fall back to the downside over the following week. After failing to break above 1.2300 this week, we expect the pair to end the day near (or below) the intraday low of 1.2098, and anticipate price action to fall through 1.2050 over the coming week. We anticipate the underlying downtrend to hold in the near-term, and expect the pair to test the 1.1985 (fib level of 1.1805-1.2648) level for support on its way to the downside. Be sure to check out Jamie’s Technical Outlook for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
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