7 Aug 2015
Recovery in AUD/NZD could extend to 1.1450 – Societe Generale
FXStreet (Edinburgh) - Strategists at Societe Generale see chances of AUD/NZD testing the 1.1450 level in the upcoming periods.
Key Quotes
“AUD/NZD is consolidating within a flag after testing a multiyear trend resistance at 1.1450, as well as the 38.2% retracement of the down move since 2011”.
“It has confirmed an inverted head and shoulders, and the neckline at 1.09 will be important support”.
“A flag normally occurs after a sharp up move and a break above it highlights a continuation in the trend”.
“With daily RSI rebounding from the support, the upper limit of the flag at 1.1310/30 appears to be a temporary hurdle and a retest of 1.1450 looks likely. A break above would mean the next leg of recovery”.
Key Quotes
“AUD/NZD is consolidating within a flag after testing a multiyear trend resistance at 1.1450, as well as the 38.2% retracement of the down move since 2011”.
“It has confirmed an inverted head and shoulders, and the neckline at 1.09 will be important support”.
“A flag normally occurs after a sharp up move and a break above it highlights a continuation in the trend”.
“With daily RSI rebounding from the support, the upper limit of the flag at 1.1310/30 appears to be a temporary hurdle and a retest of 1.1450 looks likely. A break above would mean the next leg of recovery”.