Back
26 Jun 2013
AUD/NZD well bid above 1.1900
FXstreet.com (Barcelona) - As Aussie has been strengthening as of late, being the strongest currency among majors for last 2 trading days, and Kiwi has been flat during same period of time, the AUD/NZD cross has been ticking higher, last at 1.1955, off recent weekly highs at 1.1999, printed in late London session.
Bears strength fading
While FXWW founder Sean Lee says the cross “should run into some very solid resistance near 1.2000,” other analysts such as those at IFR Markets, note the AUD/NZD is showing “signs of basing” in the short term, “as RSI diverged on new lows and price is above 10 and 20 DMAs.” IFR Markets say they will go long on a daily close above 1.2175, while taking the other side of the trade in case it breaks below 1.1700.
Key technical levels
Immediate resistance to the upside for AUD/NZD shows at Monday's/June 17 highs 1.1971, followed by NY session weekly highs at 1.1999, and June 11 highs at 1.2036. To the downside, closest support lies at Friday's highs 1.1934, followed by yesterday's lows at 1.1911, and Monday's weekly lows at 1.1853.
Bears strength fading
While FXWW founder Sean Lee says the cross “should run into some very solid resistance near 1.2000,” other analysts such as those at IFR Markets, note the AUD/NZD is showing “signs of basing” in the short term, “as RSI diverged on new lows and price is above 10 and 20 DMAs.” IFR Markets say they will go long on a daily close above 1.2175, while taking the other side of the trade in case it breaks below 1.1700.
Key technical levels
Immediate resistance to the upside for AUD/NZD shows at Monday's/June 17 highs 1.1971, followed by NY session weekly highs at 1.1999, and June 11 highs at 1.2036. To the downside, closest support lies at Friday's highs 1.1934, followed by yesterday's lows at 1.1911, and Monday's weekly lows at 1.1853.