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26 Aug 2013
AUD/NZD at 1-month high; on track to 1.1750?
FXstreet.com (Barcelona) - AUD/NZD has been on a majestic 4-day bull run to the upside, forging what a growing number of analysts are calling a meaningful bottom as the market continue to discount diminished chances of an immediate RBNZ hike.
Relationship with 20-day EMA kaput
Since late March 2013, AUD/NZD had been commanded lower by a descending 20-day EMA, a dynamic resistance which no lomger acts as a cap for the pair after being breached earlier last week, suggesting a change in the interest to participate long.
Buy dips?
According to Sean Lee, Founder at FXWW: "There is still some trend-line resistance close by in the AUD/NZD but the break above 1.1550 suggests that we will see a stronger retracement towards 1.1750 Fibo levels." Lee prefers buy-dip towards 1.1500.
Relationship with 20-day EMA kaput
Since late March 2013, AUD/NZD had been commanded lower by a descending 20-day EMA, a dynamic resistance which no lomger acts as a cap for the pair after being breached earlier last week, suggesting a change in the interest to participate long.
Buy dips?
According to Sean Lee, Founder at FXWW: "There is still some trend-line resistance close by in the AUD/NZD but the break above 1.1550 suggests that we will see a stronger retracement towards 1.1750 Fibo levels." Lee prefers buy-dip towards 1.1500.