AUD/NZD: Cross Lost Traction
FinFX | Dec 02, 2013 04:06AM ET
AUD/NZD
The cross lost traction, with near-term price action coming under pressure as recovery rally failed to sustain gains above strong 1.1200 barrier, previous critical support. Fresh weakness to 1.1140 so far, retraced the biggest part of 1.1110/1.1222 upleg, turning near-term focus lower, as hourly and 4-hour studies are negative. Immediate risk lies at 1.1110, 26/27 /11 low and near-term base, a violation of which to signal resumption of larger downtrend and expose the psychological 1.1000 support. Conversely, holding above the 1.1100 handle would signal prolonged consolidation, while the 1.1200 barrier caps.
Resistance: 1.1180; 1.1200; 1.1222; 1.1262
Support: 1.1140; 1.1110; 1.1100; 1.1058
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