AUD/NZD reached a fresh 5-month low of 1.2682 on Wednesday, last quoted at 1.2709 at the closing bell in New York, recording a 0.2% loss on the day and a 0.7% loss so far this week.
“According to the hourly chart, the bearish tone is quite clear, despite current corrective movement,” explains Valeria Bednarik, Chief Analyst at FXstreet.com. “Right now is finding resistance in a strongly bearish 20 SMA around 1.2710 where the pair also has several highs from these last few days, so unless a clear break above it, the pair will remain biased lower, with 1.2690 as immediate support, ahead of 1.2660, In the 4 hours chart the pair is quite oversold, so I would expect some upwards pressure if above 1.2710 towards 1.2740 area.”
“According to the hourly chart, the bearish tone is quite clear, despite current corrective movement,” explains Valeria Bednarik, Chief Analyst at FXstreet.com. “Right now is finding resistance in a strongly bearish 20 SMA around 1.2710 where the pair also has several highs from these last few days, so unless a clear break above it, the pair will remain biased lower, with 1.2690 as immediate support, ahead of 1.2660, In the 4 hours chart the pair is quite oversold, so I would expect some upwards pressure if above 1.2710 towards 1.2740 area.”
0 comments:
Post a Comment