- AUD/NZD relapse underway-decline coming initial support targets
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AUD/NZD has depressed scarcely 3.6% from a Jan highs with a decrease now attempting to mangle constructional support. Price is coming near-term targets that could offer a reprieve, yet from a technical standpoint, a broader risk stays lower. . for now.
AUD/NZD Daily Price Chart
Technical Outlook: We highlighted a mangle next confluence support during around 1.08 in a Technical Perspective final week with initial targets eyed during “the 61.8% retracement during 1.0722 and a 100% prolongation during 1.0626.” The decrease is now attempting to mangle next a shifting together of a widespread slope (red) with near-term support targets eyed during 1.0663, a 100% ext of a decrease during 1.0626 and connection support during 1.0588.
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AUD/NZD 240min Price Chart
Notes: A closer demeanour during AUD/NZD cost movement sees a span violation next a weekly opening operation low / weekly open on this pierce with initial support targets now in view. The concentration stays reduce for now while next a slope connection during ~1.0740 with a crack above 1.0771 needed to change a near-term opinion behind to a long-side (near-term bearish invalidation).
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Bottom line: a evident concentration is reduce towards channel support with a dump towards a aforementioned targets to offer entries for a probable near-term recovery. Keep in mind that a mangle of a due conduct shoulders neckline progressing this month highlights a broader risk for a totalled pierce into 1.0350/70– a segment also tangible by a 2017 low-day tighten and a 1.618% ext off a late-2017 decline. First thing’s initial though, from a trade standpoint, demeanour for a greeting on a pierce towards 1.0626 1.0588.
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Relevant AUD/NZD Data Releases
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– Written by Michael Boutros, Currency Strategist with DailyFX
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