6 Feb 2014
AUD/NZD finds support above 1.0800
FXStreet (Córdoba) - The decline of the AUD/NZD after trading above 1.0900 on Tuesday, found support on top of 1.0800. During most of Wednesday the pair traded in a range with support at 1.0810 and resistance at 1.0870. Early in Asia continues within the range, hovering around 1.0850, ahead of economic data from Australia.
Outlook for the AUD/NZD
The pair continues to move with an upside bias in the short-term but the rejection from levels on top of 1.0900, removed momentum, signaling a possible top. On tuesday the pair jumped approaching 1.0950 but afterwards retreated and accelerated to the downside after the release of the New Zealand employment report.
Below 1.0800, immediate support lies at 1.0765 and 1.0730. To the upside, resistance lies at 1.0870 and above at 1.0910 and 1.0950 (weekly high).
Outlook for the AUD/NZD
The pair continues to move with an upside bias in the short-term but the rejection from levels on top of 1.0900, removed momentum, signaling a possible top. On tuesday the pair jumped approaching 1.0950 but afterwards retreated and accelerated to the downside after the release of the New Zealand employment report.
Below 1.0800, immediate support lies at 1.0765 and 1.0730. To the upside, resistance lies at 1.0870 and above at 1.0910 and 1.0950 (weekly high).