AUD/NZD
The cross remains under pressure and attempts below yesterday’s fresh low at 1.1121, after brief corrective action was called at 1.1173. Keeping strong resistance at 1.1200, also previous critical support intact and keeps bears firmly in play as the pair commenced fresh leg lower after multi-month consolidation above 1.1200 handle. Initial downside targets lay at 1.1100 and 1.1058, 07/01/2007 low ahead of the psychological 1.1000 support.
However, hesitation ahead of the latter can be expected as daily indicators approach oversold territory.
Resistance: 1.1173; 1.1200; 1.1246; 1.1262
Support: 1.1120; 1.1100; 1.1058; 1.1000
AUD/NZD Hour Chart" title="AUD/NZD Hour Chart" height="400" width="800">