AUD/NZD Short-Term Technical Outlook

[DailyFx]

Currency Pair: AUD/NZD
Short-Term Bias: Long
Chart: 15 Min Charts

After finding near-term support around 1.2203 (21.4% Fib level), price action has broken to the upside, and may offer profitable opportunities for forex traders.



Analysis




The AUD/NZD remains range-bound between 1.2385 and 1.2153, and may offer profitable opportunities for forex traders. After finding near-term support around 1.2203 (21.4% Fib level), price action has broken to the upside to hold above the channel.

Price action continues to move to the upside, and continue to move away from the channel as the RSI looks to be changing course. A bullish divergence in the RSI has led us to hold a positive outlook for the aussie, and we expect the pair to test 1.2385 for resistance over the next few trading session. If the aussie is able to gain enough momentum, the pair may have the potential to break out of its current range to trade above 1.2400. Be sure to check out Jamie’s Technical Outlook for additional information on the major currency pairs.


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