AUD/NZD Eyes 1.32
- Daily and 4H: The previous post noted that the AUD/NZD decline was a 2nd leg of a correction and was nearing a full projection at 1.2860. (Refer to Daily Technical Update 3.17.2010 AUD/NZD). This was to test a 200MA in 4H time-frame, and is the 78.6% Retracement of the latest upswing.
- The market eventually reached 1.2850 and is so far supported. Sideways action then broke a declining trendline and the market is testing the 1.2950 powerline.
- A break above this would suggests that the current correction is indeed complete, a and rally with swing projections of various degrees pointint to 1.32.
- If the market does go above 1.2950, it may be prudent to look at the 1H time-frame to stalk a break above 1.2950 for a throwback to confirm, before finalizing an outlook towards 1.32.
