Chart of the Day AUD/NZD

Blake Morrow Forex Analytix

The AUDNZD has been trapped in a descending channel for the last couple months with resistance at the 1.0800 level near term. Support is at the 1.0700 level and if the channel resistance breaks and horizontal resistance at 1.0825 level as well, the pair could make a move back towards the 1.0955 trend highs from March. RSI is also pointing higher as well suggesting near prices may move higher.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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