AUD/NZD has made a low of 1.04289 and slightly recovered till 1.04523 level. Short term trend is bullish as long as resistance 1.048 holds.
On the upside minor resistance is around 1.0459 and any indicative break above would extend gain to 1.0480/1.0509 in short term.
Long term trend reversal only above 1.0640 (161.8% retracement of 1.05579 and 1.04289).
The pair’s minor support is around 1.0420 and any indicative break below will take the pair to 1.0313 (61.8% projection of 1.08669 and 1.04712 from 1.05579).
Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell AUD/USD around 1.04510, SL 1.0481, Target 1.0315.
On the upside minor resistance is around 1.0459 and any indicative break above would extend gain to 1.0480/1.0509 in short term.
Long term trend reversal only above 1.0640 (161.8% retracement of 1.05579 and 1.04289).
The pair’s minor support is around 1.0420 and any indicative break below will take the pair to 1.0313 (61.8% projection of 1.08669 and 1.04712 from 1.05579).
Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell AUD/USD around 1.04510, SL 1.0481, Target 1.0315.