29 Jul 2013
AUD/NZD flat so far for the week above 1.1450
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at 1.1463 bids, totally flat for the week so far, unchanged from previous weekly close Friday, around fresh 4.5-year lows printed last Thursday.
AUD/NZD bounce is due
“AUD/NZD has been on a rip-roaring bear move but you would be very brave to bet against some sort of a retracement back towards 1.1600,” said FXWW founder Sean Lee. According to IFR Markets analysts a bounce in AUD/NZD is due, based on RSI as it “turns from oversold.” They will go short “ahead of the 21 DMA & July 22/24 highs,” with entry at 1.1620 and targets at “the Nov 4 2008 low 1.1270,” the analysts said.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at recent session highs 1.1480, followed by Friday's highs at 1.1497, and Wednesday's Asian session lows at 1.1528. To the downside, closest support lies at recent session lows 1.1445, followed by Friday's lows at 1.1430, and Thursday's 4.5-year lows at 1.1396.
AUD/NZD bounce is due
“AUD/NZD has been on a rip-roaring bear move but you would be very brave to bet against some sort of a retracement back towards 1.1600,” said FXWW founder Sean Lee. According to IFR Markets analysts a bounce in AUD/NZD is due, based on RSI as it “turns from oversold.” They will go short “ahead of the 21 DMA & July 22/24 highs,” with entry at 1.1620 and targets at “the Nov 4 2008 low 1.1270,” the analysts said.
AUD/NZD key technical levels
Immediate resistance to the upside for AUD/NZD shows at recent session highs 1.1480, followed by Friday's highs at 1.1497, and Wednesday's Asian session lows at 1.1528. To the downside, closest support lies at recent session lows 1.1445, followed by Friday's lows at 1.1430, and Thursday's 4.5-year lows at 1.1396.