13 Feb 2014
AUD/NZD drops sharply after Australian employment data
FXStreet (Córdoba) - The AUD/NZD tumbled after the release of the ">Australian employment report falling almost a hundred pips in a few minutes. The pair dropped from 1.0845 and bottomed at 1.0748, reaching the lowest price since January 31.
End of correction for the AUD/NZD?
The long-term trend is bearish but since mid-January the Aussie was correcting higher from 1.0490, multi-year lows, and climbed early in February above 1.0900. But it was not able to confirm a clear break of that importante level. From there started to moved with a downside bias still holding some bullish moment. But the recent strong downside move could have change the escenario for the Aussie.
The AUD/NZD lost the upside momentum and currently is under pressure; support levels could be located at 1.0730 and below at 1.0700 and 1.0670. Now the area around 1.0780 has become a resistance, followed by 1.0820 and 1.0870.
End of correction for the AUD/NZD?
The long-term trend is bearish but since mid-January the Aussie was correcting higher from 1.0490, multi-year lows, and climbed early in February above 1.0900. But it was not able to confirm a clear break of that importante level. From there started to moved with a downside bias still holding some bullish moment. But the recent strong downside move could have change the escenario for the Aussie.
The AUD/NZD lost the upside momentum and currently is under pressure; support levels could be located at 1.0730 and below at 1.0700 and 1.0670. Now the area around 1.0780 has become a resistance, followed by 1.0820 and 1.0870.