AUD/NZD: High Volatility And Trouble With Identifying Direction
FxGrow | Dec 21, 2015 05:15AM ET
AUD/NZD
From June to October 2015 AUD/NZD moved in consolidation between levels 1.1390 - 1.0920. After breaking below the lower limit of the channel, declines stopped at 1.0500. At that support there were a dynamic rebound which led price back to the consolidation. Joy of demand was too early and after 14 days AUD/NZD broke below lower limit of the channel again.
Currently falls reached support at 1.0580, after it breaks, supply will have to deal with 6-months low at 1.0500. Another supports are at levels: 1.0370, 1.0290, 1.0190, 1.0040. If rebound occurs, important level which should cause trend reversal is 1.1300. After it breaks, price will finish the head and shoulders pattern forming since 2 years. It is a trend reversal formation. The nearest resistances are at levels: 1.0760, 1.0880, 1.1070.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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