AUD/NZD: A sustained move beyond 1.1100 possible – Societe Generale
AUD/NZD eyes a move beyond 1.1100 and could inch higher towards next projections of 1.1175 and 1.1250, Societe Generale FX strategists note.
A sustained break above 1.1100 is possible
“AUD/NZD has experienced an accelerated up move recently and is now challenging the upper band of the range within which it has evolved since last year at 1.1100; this is also the 61.8% retracement from 2022.”
“Daily MACD is within positive territory and above its trigger line denoting prevalence of upward momentum.”
“A move beyond 1.1100 will confirm a breakout from a multi-month range. In such a scenario, AUD/NZD could inch higher towards next projections of 1.1175 and 1.1250. The low achieved earlier this week near 1.0990/1.0925 is important support near term.”
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FXStreet Insights Team
FXStreet
The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.
