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AUD/NZD about to test December lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/NZD moved with a bearish bias since the beginning of the week and is about to post the lowest daily close since early November, below 1.0600. The pair currently trades at 1.0594 and eyes 1.0580/85, where December lows lie.

    AUD/NZD challenges consolidation

    During the last two weeks, the pair has remained steady (after a 450-pips decline), moving in a small range, unable to move far from 1.0630. Today it appears to be moving away from the mentioned level and is about to test the bottom of the range located around 1.0580.

    The kiwi could end a two-week period of consolidation. To the downside, below 1.0580, the next level to watch is the 1.0500 area, where October lows are located.

    To the upside, the area to break to the upside in the short-term is the upper limit of the range located slightly below 1.0700. Above here, the aussie could remove negative momentum and attempt to gain support.
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