AUD/NZD rallies on a trend reversal sign

AUD/NZD rallied on Tuesday breaking above the 1.0800 zone, which was marked as a resistance by the high of April 26th. The move confirmed a forthcoming higher high on the 4-hour chart, and given that the rate is already above the prior downside resistance line drawn from the peak of March 29th, this may have signaled a short-term trend bullish reversal.

If the bulls are willing to stay in the driver’s seat, we may see the rate rising towards the 1.0842 area, defined as a resistance by the high of April 16th. They may decide to take a break after testing that zone, thereby allowing the rate to correct lower, but they could regain control from near 1.0800 and perhaps push the action above 1.0842 this time around. Something like that may pave the way towards the high of April 6th, at 1.0875.

Shifting attention to our short-term oscillators, we see that the RSI just crossed above 70, and continues to point up, while the MACD lies above both its zero and trigger lines, pointing north as well. Both indicators detect strong upside speed and support the notion for further advances in this exchange rate.

Now, in order to start examining whether the outlook has turned back bearish, we would like to see a dip below 1.0740. This may also take the pair back below the pre-mentioned downside line and may initially pave the way towards the low of April 29th, at 1.0705. A break below that level would confirm a forthcoming lower low and may set the stage for the 1.0670 area, marked as a support by an inside swing low formed on March 1st.

AUDNZD - One-stop Multi-asset Experience for Trading and Investment Services


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

79.07% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure:

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 


GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 


XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more