Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Potential 'Bullish Cypher' on AUD/NZD raises scope for downside, good to short rallies

  • AUD/NZD corrects lower from 1 1/2 year highs at 1.1289 (Oct 24 high), slips below 1.12 handle.
     
  • The pair 0.11% down on the day, hovers around 1.1175 levels, bias lower.
     
  • Price action has slipped below 5-DMA support at 1.1198 which is now capping upside.
     
  • We evidence a potential 'Bullish Cypher' pattern on the daily charts which raises scope for downside.
     
  • We also note bearish divergence on RSI and Stochs which adds to bearish bias. RSI and Stochs have also rolled over from overbought levels.
     
  • Aussie also weak following downbeat inflation and PPI data which cement RBA's neutral stance.
     
  • 1.1072 (23.6% Fib retracement of 1.0370 to 1.1290 rally) is immediate support, while 1.30 is major resistance. 

Support levels - 1.1072 (23.6% Fib retracement of 1.0370 to 1.1290 rally), 1.1043 (20-DMA), 1.1002 (50-DMA)

Resistance levels - 1.1199 (5-DMA), 1.1290 (Oct 24 high), 1.30 (trendline)

Recommendation: Good to go short on rallies around 1.1180/90, SL: 1.30, TP: 1.11/ 1.1070/ 1.1045

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -86.7433 (Bearish), while Hourly NZD Spot Index was at -46.7754 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

December 16 00:00 UTC Released

IDCar Sales YY

Actual

6.8 %

Forecast

Previous

December 16 00:00 UTC Released

ARReal Weekly Earnings MM

Actual

9.1 %

Forecast

Previous

January 31 00:00 UTC 459865459865m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 459865459865m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 471685471685m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 459865459865m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 471685471685m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 459865459865m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 459865459865m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 459865459865m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.