AUD/NZD Outlook: Negative Tone
FinFX | Nov 14, 2013 07:05AM ET
AUD/NZD
The cross remains under pressure and extends losses after the price broke below consolidative phase floor and near-term base at 1.1300. Extension of downleg from commenced at 1.1576, 28/10 peak, now looks for test of critical support and short-term base at 1.12 zone.
Negative near-term studies support the notion, as also daily technicals maintain negative tone. However, hesitation on approach to 1.12 support, would be likely scenario, with initial resistance laying at 1.1300, previous support and former range top at 1.1380, expected to cap stronger rallies.
Resistance: 1.1300; 1.1330; 1.1355; 1.1379
Support: 1.1261; 1.1207; 1.1197, 1.1149
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