25 Apr 2014
AUD/NZD forming a probable double bottom - Societe Generale
FXStreet (Bali) - According to Stephanie Aymes and Kusal Kansara, FX Analysts at Societe Generale, AUD/NZD is forming a probable double bottom at the multi-year support level of 1.05/1.04.
Key Quotes
"It has bounced towards its February highs and the confirmation level of the pattern at 1.095/1.10. Weekly RSI is at a dual graphical resistance highlighting 1.095/1.10 as a crucial level."
"However, the daily indicator is at support and the pair is likely to extend the phase of base formation. Immediate support is seen at the neckline of an inverted head and shoulders pattern at 1.0725/1.0680, which is also the 50% retracement from the March lows. A break below 1.0725/1.0680 will trigger a re-test of 1.05/1.04."
Key Quotes
"It has bounced towards its February highs and the confirmation level of the pattern at 1.095/1.10. Weekly RSI is at a dual graphical resistance highlighting 1.095/1.10 as a crucial level."
"However, the daily indicator is at support and the pair is likely to extend the phase of base formation. Immediate support is seen at the neckline of an inverted head and shoulders pattern at 1.0725/1.0680, which is also the 50% retracement from the March lows. A break below 1.0725/1.0680 will trigger a re-test of 1.05/1.04."