21 Jan 2014
Flash: A pummelled AUD/NZD predicted to go even further - FXStreet
FXstreet.com (Barcelona) - Goncalo Moreira, FXStreet Technical Analyst notes that AUD/NZD exhibits a long term structure that remains in a steady downtrend.
Key Quotes
“Knocking on the door of multi-year lows, the cross remains below it's dynamic resistance on intraday charts, piercing the 2nd standard deviation band and keeping oscillators in relative oversold territory indicating exhaustion.”
“The only discrepancy with this price deterioration is the divergence with the daily RSI and another potential bullish divergence in the MACD as well.”
“While the near-term outlook for the currency pair hinged on New Zealand's published higher than expected CPI reading, the medium-term key event will be RBNZ's rate decision.”
Key Quotes
“Knocking on the door of multi-year lows, the cross remains below it's dynamic resistance on intraday charts, piercing the 2nd standard deviation band and keeping oscillators in relative oversold territory indicating exhaustion.”
“The only discrepancy with this price deterioration is the divergence with the daily RSI and another potential bullish divergence in the MACD as well.”
“While the near-term outlook for the currency pair hinged on New Zealand's published higher than expected CPI reading, the medium-term key event will be RBNZ's rate decision.”