AUD/NZD: Potential building for another push to test 1.12 – Westpac
|Tim Riddell, Research Analyst at Westpac, suggests that although in “overbought” areas, daily indicators are not turning, yet. This suggests that the down-channel break has further to run and should at least test 1.0980-90 for AUD/NZD cross.
Key Quotes
“As long as dips are contained to the 1.0830-50 area, the rally should continue. There is even potential for upside extensions if dips now hold above 1.0900”
“Weekly
- Weekly momentum is now strongly AUD supportive. 1.0950-80 has been pivotal of late, but the build up of weekly indicator support suggests that it will be broken
- The style of the rally from 1.0485-90 is decidedly dynamic and is more akin the to rally seen in 2H’17, suggesting contained dips and a push to 1.1100-50”
“Monthly
- Monthly momentum remains neutral. Slow Stochastics are now less directional whilst RSI’s are becoming more supportive, but remain within their neutral zones
- Despite frustrating and overlapping price action seen over recent years, a long term base appears to have formed and potential for a sound uptrend persists”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.