AUD/NZD hit targets, hold for further downside, target 1.0690
Our previous AUD/NZD call (link below) has achieved targets.
Price action is now falling below the daily cloud, and MACD is seeing a bearish signal line crossover on MACD line.
Momentum is likely to remain with the bears for some time now, tests of 1.0632 (78.6% FIb of 1.0539 to 1.0970 rise) cannot be ruled out.
The pair is currently trading at 1.0730, with immediate resistance at 1.0820 (10-DMA) and support at 1.0710 (Jan 22nd lows).
RBA statement and easing bias for 2016, along with poor trade balance data weighing on Aussie, while NZ jobs data supports NZD, a double whammy for the pair.
Book partial profits, lower trailing stops to 1.0810, TP: 1.0710/1.0690/1.0640
Price action is now falling below the daily cloud, and MACD is seeing a bearish signal line crossover on MACD line.
Momentum is likely to remain with the bears for some time now, tests of 1.0632 (78.6% FIb of 1.0539 to 1.0970 rise) cannot be ruled out.
The pair is currently trading at 1.0730, with immediate resistance at 1.0820 (10-DMA) and support at 1.0710 (Jan 22nd lows).
RBA statement and easing bias for 2016, along with poor trade balance data weighing on Aussie, while NZ jobs data supports NZD, a double whammy for the pair.
Book partial profits, lower trailing stops to 1.0810, TP: 1.0710/1.0690/1.0640
Trade closed: target reached
