AUD/NZD: Today the key focus is 1.1624 [Video]

Carol Harmer Charmer Trading

AUD/NZD moved lower yesterday, in line with the broader strength of the NZD across the majors. Today the key focus is 1.1624, the 23.6% Fibonacci retracement, which acts as an important swing level for the market.

If the cross fails to break and hold above 1.1624, then weakness is likely to resume, targeting 1.1545 and 1.1515.

However, a clean break above 1.1624 — ideally on a closing basis — opens the path toward 1.1695, the recent high. It’s worth noting that this cross is trading at its highest levels in over a decade. Pre‑2014, AUD/NZD was significantly higher, but the long‑term trend since then has been one of steady weakening.

Right now, the latest move lower still looks correctional, so the preferred bias remains from the short side.
This is not investment advice — my money, my risk.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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