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27 Feb 2013
Forex: AUD/NZD resists below 1.24 Fib
AUD/NZD is currently at 1.2379, off recent fresh Feb highs at 1.2345, printed on weaker than expected trade balance figures for NZ, showing a deficit of -305M. Data showed exports weakened while exports rose, mostly due to “reconstruction activity,” said Societe Generale analysts, “and hence not such a bad development,” they noted.
The cross leaves behind an inverted head and shoulders pattern, with the head being another smaller inverted head and shoulders itself, at multi-month Feb 15 lows 1.2140, while neck line of the bigger pattern now lies around the 1.2340 price area, and targets at the Jan 30 highs 1.2550. The cross is finding so far resistance at the 38.2% Fibo retrace of latest daily down leg 1.2828/1.2140 at 1.2400, also previous Oct lows.
Immediate support to the downside for AUD/NZD lies at Feb 20 highs 1.2350, followed by Feb 13 lows at 1.2312, and Monday's lows at 1.2260. To the upside, closest resistance shows at yesterday's fresh Feb highs/Jan 27 lows 1.2345, followed by Jan 02/30 lows at 1.2467, and Jan 09/10/14/17 lows at 1.2505.
The cross leaves behind an inverted head and shoulders pattern, with the head being another smaller inverted head and shoulders itself, at multi-month Feb 15 lows 1.2140, while neck line of the bigger pattern now lies around the 1.2340 price area, and targets at the Jan 30 highs 1.2550. The cross is finding so far resistance at the 38.2% Fibo retrace of latest daily down leg 1.2828/1.2140 at 1.2400, also previous Oct lows.
Immediate support to the downside for AUD/NZD lies at Feb 20 highs 1.2350, followed by Feb 13 lows at 1.2312, and Monday's lows at 1.2260. To the upside, closest resistance shows at yesterday's fresh Feb highs/Jan 27 lows 1.2345, followed by Jan 02/30 lows at 1.2467, and Jan 09/10/14/17 lows at 1.2505.