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2 Oct 2013
AUD/NZD breaks 1.14, buyer on dips short term?
FXstreet.com (Barcelona) - AUD/NZD has finally penetrated a key resistance area at 1.14, with the break reaching fresh 3 -week high at 1.1425, following a double bottom ahead of 1.12 round number.
The pair is potentially providing some interesting opportunities to turn buyer short term, as highlighted by Chris Capre from 2ndSkies earlier on the session.
As Capre states: "If the short term bullish momentum continues, then it could be a great pullback level to get long after it breaks above. The next resistance levels are 1.15 and 1.1645. The alternate scenario is if it holds the upside in check and sells off, bears can look for intraday price action signals to short, targeting 1.12 with tight stops above."
The pair is potentially providing some interesting opportunities to turn buyer short term, as highlighted by Chris Capre from 2ndSkies earlier on the session.
As Capre states: "If the short term bullish momentum continues, then it could be a great pullback level to get long after it breaks above. The next resistance levels are 1.15 and 1.1645. The alternate scenario is if it holds the upside in check and sells off, bears can look for intraday price action signals to short, targeting 1.12 with tight stops above."