After hitting an intraday low of 1.1805 yesterday, the AUDNZD has bounced higher to hold above 1.2000, and has triggered an oversold RSI signal in the process.
[B]Currency Pair:[/B] AUD/NZD
[B]Short-Term Bias:[/B] Short
[B]Chart: [/B]15 Min Charts
[B][U]Analysis[/U][/B]
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After hitting an intraday low of 1.1805 yesterday, the AUDNZD has bounced higher to hold above 1.2000, and has triggered an oversold RSI signal in the process. As a result, price action has broken above the 120 SMA and the downward trending channel, and may hold in a tight range for the rest of the trading session.
The Aussie has strengthened considerable against the Kiwi over the last few hours, but looks to be finding resistance near 1.2068 (38.2% Fib level of 1.1795-1.2515). We expect price action to hold within range between 1.1945 (21.4% Fib level of 1.1795-1.2515) and 1.2068 (38.2% Fib level of 1.1795-1.2515) over the next few hours, but the underlying downward pressures should lead the pair lower over the next few days. Be sure to check out Jamie’s Technical Outlookfor additional information on the major currency pairs.
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