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20 Sep 2013
AUD/NZD completes 5 waves lower and bounces; resistance starts at 1.1408
FXstreet.com (Barcelona) - One of the extreme short-term moves recently has occurred in the AUD/NZD cross as it cascaded lower from 1.1658 to recent levels around 1.1282. Data-free until next Wednesday, technicals likely to drive the action.
AUD/NZD has reacted to dovish Aussie forces and hawkish kiwi forces this week
From Australia, net bearish data and news flow came in the form of RBA meeting minutes, Leading Index / Indicator data and the RBA’s quarterly bulletin while New Zealand’s better-than-expected GDP bulled the kiwi higher.
Next week, AUD/NZD traders will have very little data flowing in to help drive the trading action. So, traders will likely be relying more on technical analysis to determine entries and exits.
Technical outlook for AUD/NZD
AUD/NZD looks to Elliott Wave specialists to have completed a five wave set lower early Friday just as several indicators began to read “oversold” on a short-term basis. Short-term support comes in at 1.1253 even though the intermediate-term target is all the way down at 1.0939. The upside targets for the bounce that technicians now expect start at 1.1408.
AUD/NZD has reacted to dovish Aussie forces and hawkish kiwi forces this week
From Australia, net bearish data and news flow came in the form of RBA meeting minutes, Leading Index / Indicator data and the RBA’s quarterly bulletin while New Zealand’s better-than-expected GDP bulled the kiwi higher.
Next week, AUD/NZD traders will have very little data flowing in to help drive the trading action. So, traders will likely be relying more on technical analysis to determine entries and exits.
Technical outlook for AUD/NZD
AUD/NZD looks to Elliott Wave specialists to have completed a five wave set lower early Friday just as several indicators began to read “oversold” on a short-term basis. Short-term support comes in at 1.1253 even though the intermediate-term target is all the way down at 1.0939. The upside targets for the bounce that technicians now expect start at 1.1408.