26 Sep 2013
AUD/NZD trying to hold short-term upside mojo by staying above 1.1349
FXstreet.com (Barcelona) - The recent rally in AUD/NZD, which started following the NZD-bearish trade balance data Monday, is seeing some of that move retraced. The bulls will take it if either 1.1349 or 1.1323 hold up as support during this pullback.
AUD/NZD trading on technicals since Monday
With nearly a 100% data vacuum from Australia and New Zealand early this week, the AUD/NZD has been trading higher in reaction to the last news out of New Zealand – which was the NZD-bearish trade balance data from Monday. That started the move and technicals drew the cross right up to the 38.2% Fibonacci retracement line at 1.1383.
Technical outlook for AUD/NZD
Given the fact the multi-day move in AUD/NZD carved out five waves higher on the chart, Elliott Wave technicians say it is likely that we see a pullback (like what we have seen throughout Wednesday and thus far Thursday) and then another five-wave move higher. At this point, they say there is a strong likelihood that the short-term pullback continues – potentially down to 1.1304 or even lower.
AUD/NZD trading on technicals since Monday
With nearly a 100% data vacuum from Australia and New Zealand early this week, the AUD/NZD has been trading higher in reaction to the last news out of New Zealand – which was the NZD-bearish trade balance data from Monday. That started the move and technicals drew the cross right up to the 38.2% Fibonacci retracement line at 1.1383.
Technical outlook for AUD/NZD
Given the fact the multi-day move in AUD/NZD carved out five waves higher on the chart, Elliott Wave technicians say it is likely that we see a pullback (like what we have seen throughout Wednesday and thus far Thursday) and then another five-wave move higher. At this point, they say there is a strong likelihood that the short-term pullback continues – potentially down to 1.1304 or even lower.