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Australian Greenback Outlook Bearish as AUD/NZD Breaks Key Help

Australian Greenback Technical Evaluation, New Zealand Greenback, AUD/NZD – TALKING POINTS

Australian Greenback outlook bearish as AUD/NZD breaks key assistSince early November, the pair has shaved off nearly 5 p.cWanting forward, what are key assist, resistance ranges to observe?

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Jan 13

( 04:01 GMT )

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AUD/NZD Technical Outlook

Since early November, AUD/NZD has incurred losses slightly below 5 p.c, and up to date value motion suggests there could also be extra ache forward. Following the pair’s failure to interrupt above the August 2015 resistance channel, the pair plunged and shattered a number of flooring alongside the best way. Extending the metaphor, AUD/NZD is now within the proverbial basement, lower than one p.c away from a essential assist vary between 1.02650 and 1.0289.

AUD/NZD – Day by day Chart

Chart showing AUD/NZD

AUD/NZD chart created utilizing TradingView

A bounce again from this multi-tiered ground opens the door to re-testing support-turned-resistance at 1.0351, and technical cues are hinting a flip larger could possibly be within the playing cards. Optimistic RSI divergence is signaling draw back momentum is slowing, although this under no circumstances ensures that the pair will essentially flip. Nevertheless, even when the pair manages to stage a minor restoration, the longer-term outlook suggests these interim features could also be inconsequential.

Taking a look at a month-to-month chart reveals a depressing outlook for AUD/NZD. Since reaching its peak March 2011, the pair retreated over 20 p.c. Shortly after, it entered what seems to be a multi-year consolidation interval. Its obscure resemblance to a continuation sample referred to as a Symmetrical Triangle suggests draw back breakout beneath the decrease assist zone may catalyze a resumption of the prior downtrend.

AUD/NZD – Month-to-month Chart

Chart showing AUD/NZD

AUD/NZD chart created utilizing TradingView

AUSTRALIAN DOLLAR TRADING RESOURCES

— Written by Dimitri Zabelin, Jr Foreign money Analyst for DailyFX.com

To contact Dimitri, use the feedback part beneath or @ZabelinDimitrion Twitter


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