AUD/NZD: Bullish while above 1.0658 - DBS
Benjamin Wong, Strategist at DBS Bank Ltd, points out that as long as AUD/NZD remains above the support range 1.0658/81 it would remain in a bull mode.
Key Quotes:
“The AUD/NZD cross last trooped off higher from a 1.0869 low, pretty much respecting the 200-day moving average (dma) at 1.0865. It traded off toward a 1.0992 high before receding on lost momentum amid a minor double-top.”
“The nearest support is perched on the underlying trendline support drawn from the mid-June lows, around 1.0659, which tangents into the 15-dma. Conceptually, unless the cross breaks under the blue support zone – which is pegged between the 61.8% retracement of 1.0681 and the prior low of 1.0659 – the AUD/NZD remains in a bull mode.”
“The upside target can still translate into a push toward the 76.4% retracement of the 1.1430-1.0238 range grip, around 1.1149.”
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
