30 Oct 2013
AUD/NZD drowns at 1.1475 weekly lows
FXstreet.com (Chicago) - AUD/NZD stalls around the 38.2% Fibonacci levels with a considerable decrease of buying power extending the bearish retracement that started last October 25th.
It should be a light Asian session today with little results releases and ahead of the US FOMC decision among others.
AUD/NZD Technical Levels
Price action reveals the pair remains close to immediate resistance above the 1.1470 front. Offered at 1.1472, the pair navigates between the supports aligned at 1.1437 (October 22nd highs), 1.14 (October 21st lows) ahead of 1.1345 (October 18th lows) and the resistances set at 1.1475 (September 10th lows), 1.1536 (July 10th lows) followed by 1.16 (July 15th highs). After a 3-wave climb, the pair stalled around the 38.2% Fibonacci level. With primary and secondary trends diverging, the latter pointing up, the most recent retracement is indicative of high pressure ahead of New Zealand data due later at night – RBNZ interest rate decision.
It should be a light Asian session today with little results releases and ahead of the US FOMC decision among others.
AUD/NZD Technical Levels
Price action reveals the pair remains close to immediate resistance above the 1.1470 front. Offered at 1.1472, the pair navigates between the supports aligned at 1.1437 (October 22nd highs), 1.14 (October 21st lows) ahead of 1.1345 (October 18th lows) and the resistances set at 1.1475 (September 10th lows), 1.1536 (July 10th lows) followed by 1.16 (July 15th highs). After a 3-wave climb, the pair stalled around the 38.2% Fibonacci level. With primary and secondary trends diverging, the latter pointing up, the most recent retracement is indicative of high pressure ahead of New Zealand data due later at night – RBNZ interest rate decision.