Chart of the day: AUD/NZD

Blake Morrow Forex Analytix

Following the Australian employment and New Zealand GDP yesterday the AUDNZD may have found an important support. The AUDNZD pair found the 261% extension of the May 21st lows to June highs (1.0261) and 127% ext of Dec 20 lows to March highs (1.0274) Fibonacci confluence. As long as this level holds (approximately 1.0270), the risk of a move back to channel resistance at the 1.0380’s is possible, especially that the daily RSI has been divergent most of the summer months. If you follow harmonic patterns, Andre Cardoso also identified a possible bullish crab yesterday as well.

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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