17 Sep 2014
AUD/NZD remains in uptrend - Westpac
FXStreet (Bali) - David Coloretti, Analyst at Westpac, notes that AUD/NZD remains in an uptrend.
Key Quotes
"AUDNZD spent late August through early September above the 2014 uptrend channel. This marked a period of time where the rate of increase of the uptrend exceeded that of the prior 6 months. This rate of increase has proven to be unsustainable, highlighted by the recent break back inside the uptrend channel.
"Note that price remains in an uptrend. As such we must be on alert for levels where the recent correction may cease, in favour of the uptrend . The August lows coincide with the daily cloud top around 1.0910/30. This is the first level of major support where we will look for signs of a base, ahead of renewed strength and a retest of the recent highs."
Key Quotes
"AUDNZD spent late August through early September above the 2014 uptrend channel. This marked a period of time where the rate of increase of the uptrend exceeded that of the prior 6 months. This rate of increase has proven to be unsustainable, highlighted by the recent break back inside the uptrend channel.
"Note that price remains in an uptrend. As such we must be on alert for levels where the recent correction may cease, in favour of the uptrend . The August lows coincide with the daily cloud top around 1.0910/30. This is the first level of major support where we will look for signs of a base, ahead of renewed strength and a retest of the recent highs."