30 Aug 2013
AUD/NZD remains vulnerable under 1.1597; bears need break of 1.1415 to confirm thesis
FXstreet.com (Barcelona) - Of the two countries, Australia has been the more bearish economically – short-term Fonterra problems in New Zealand aside. Will this continue? The chart of AUD/NZD says, “Yes”.
AUD/NZD only has one more data point this week
Traders will get to digest Australian Private Sector Credit data at 01:30 GMT Friday. Other than that, there are no additional data due out Friday – AUD/NZD traders will have to contend with technical influences and “risk-on / risk-off” forces associated with the Syrian news flow.
Technical outlook for AUD/NZD
Technicians say AUD/NZD still looks significantly lower after topping near “correction resistance” at 1.1597. They note that a clean break and close below 1.1415 will confirm that the bearish pattern is coming to fruition as expected. The downside target range for this phase of the move lower is 1.1351 -1.1376.
AUD/NZD only has one more data point this week
Traders will get to digest Australian Private Sector Credit data at 01:30 GMT Friday. Other than that, there are no additional data due out Friday – AUD/NZD traders will have to contend with technical influences and “risk-on / risk-off” forces associated with the Syrian news flow.
Technical outlook for AUD/NZD
Technicians say AUD/NZD still looks significantly lower after topping near “correction resistance” at 1.1597. They note that a clean break and close below 1.1415 will confirm that the bearish pattern is coming to fruition as expected. The downside target range for this phase of the move lower is 1.1351 -1.1376.