AUDNZD Finally rolls over from Pivot high

Stuart Cowell HFM

AUDNZD, Daily

Both the AUD and NZD have had good starts to 2017. They are the best two performing currencies of the ones we monitor. A strong uptrend looks to be at least cooling as the pair roll over from a pivot high (1.1035) on Thursday (March 16) and a confirmed Fractal high on Monday (March 20). A SHORT position was taken on the close of the third down candle at close yesterday 1.0906 (March 21). Target 1 is the first resistance level at the 23.6 Fibonacci retracement and the 20 day moving average at 1.0845. Target 2 is the 38.2 Fibonacci retracement at 1.0755. RSI and MACD remain negative and the Parabolic SAR turned negative today. A break of the recent high at would negate this downward move.

Author

Stuart Cowell

HFM

With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, c

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