Filed Under:  Technical Analysis

AUD/NZD surges to new 2017 high

20th October 2017   ·   0 Comments

AUD/NZD surges to new 2017 high

Written Fawad Razaqzada | 2017-10-19 12:41:38 GMT
From A technical point of view, the AUD/NZD continues to make higher highs and higher lows. The 50- day moving average is now also creating a gap above the 200-day moving average. Both MAs are pointing higher. These technical indications alone tell us objectively that the trend is indeed bullish. Today’s latest rally has pushed rates above the old high of around 1.1140, thus creating a new 2017 high. We now anticipate the broken resistance levels, ideally, at 1.1140, or worse the 1.0990-1.1020 range, to offer support upon any short-term pullback. On the upside, some of our near-term bullish objectives include the Fibonacci extension levels at 1.1235 (127.2%) and 1.1350 (161.8%), and round handles such as 1.1300, 1.1400 and 1.1500. The 2015 high, at 1.1680, is our longer-term bullish objective. We will remain bullish on AUD/NZD until and unless price breaks below the most recent low at 1.0895. Either that, of if it forms a clear reversal pattern at higher levels, first.

Figure 1:

AUDNZD

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Fawad Razaqzada

 

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