3 Jul 2013
Flash: AUD/NZD, deeper decline to test 1.1600 expected - ANZ
FXstreet.com (Barcelona) - The price series in the AUD/NZD show the present exchange rate quoting at 1.1786, with the price action still suggestive of a market well commanded by sellers.
According to Tim Riddell, Head of Markets Research at ANZ, "Even if another push above 1.1950 can be engineered, the profile of price action suggests that corrections will be tightly contained in a shallow trading range and are likely to be capped by the 1.2125-50 area." A topside failure above 1.1950, or a close below 1.1800, suggests "deeper slippage to test 1.1600 before a decent rebound can develop" Riddell added.
According to Tim Riddell, Head of Markets Research at ANZ, "Even if another push above 1.1950 can be engineered, the profile of price action suggests that corrections will be tightly contained in a shallow trading range and are likely to be capped by the 1.2125-50 area." A topside failure above 1.1950, or a close below 1.1800, suggests "deeper slippage to test 1.1600 before a decent rebound can develop" Riddell added.