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AUD/NZD: Cross Came Under Strong Pressure

Published 12/03/2013, 04:12 AM
Updated 02/21/2017, 08:25 AM
AUD/NZD
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AUD/NZD

The cross came under strong pressure, as reversal from 1.1222 upside rejection, and cracked the 1.1110/1.1100 support zone signaling resumption of larger bear-trend with fresh low posted at 1.1091. Negative technicals favor further downside and possible test of psychological 1.1000 support, with bears to be interrupted by corrective rallies on oversold near-term conditions. Initial resistance at 1.1110 is under pressure and extension higher to open 1.1140, Fibonacci 38.2% of 1.1222/1.1091 fall and 55DMA, ahead of 1.1172, 61.8% retracement and previous high of 25/11, where rallies should be ideally capped. Only sustained break above 1.1200/22 would sideline bears and allow for stronger bounce.

Resistance: 1.1122; 1.1140; 1.1172; 1.1200

Support: 1.1091; 1.1058; 1.1000; 1.0966

<span class=AUD/NZD Hour Chart" title="AUD/NZD Hour Chart" width="800" height="400">

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