AUD/NZD: Cross Came Under Strong Pressure
FinFX | Dec 03, 2013 04:12AM ET
AUD/NZD
The cross came under strong pressure, as reversal from 1.1222 upside rejection, and cracked the 1.1110/1.1100 support zone signaling resumption of larger bear-trend with fresh low posted at 1.1091. Negative technicals favor further downside and possible test of psychological 1.1000 support, with bears to be interrupted by corrective rallies on oversold near-term conditions. Initial resistance at 1.1110 is under pressure and extension higher to open 1.1140, Fibonacci 38.2% of 1.1222/1.1091 fall and 55DMA, ahead of 1.1172, 61.8% retracement and previous high of 25/11, where rallies should be ideally capped. Only sustained break above 1.1200/22 would sideline bears and allow for stronger bounce.
Resistance: 1.1122; 1.1140; 1.1172; 1.1200
Support: 1.1091; 1.1058; 1.1000; 1.0966
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