Back
6 Jun 2013
AUD/NZD cracks 1.2000, further downside ahead?
FXstreet.com (Barcelona) - The AUD/NZD finished the day sharply lower, losing 77 pips to close at 1.1955 which was just below key support at 1.1991 (the 20dma)
From a technical perspective, the sharply lower close has given the advantage back to the bears in the short term. Price is now back below both the 9 and 20dma’s, which could help influence a sell the rally type of mentality as we progress through the week. The RSI (14) also remains in bearish set up, failing near the 50 level and now sitting at 41.75.
The FXStreet.com Trend Index remains in slightly bearish set up on the 1hour chart, while the ob/os index remains neutral. Initial support sits at 1.1936 (previous day low), followed by 1.1907 (low from 5/31). Initial resistance sits at 1.1991 (the 20dma), followed by 1.2030 (open from previous day).
From a technical perspective, the sharply lower close has given the advantage back to the bears in the short term. Price is now back below both the 9 and 20dma’s, which could help influence a sell the rally type of mentality as we progress through the week. The RSI (14) also remains in bearish set up, failing near the 50 level and now sitting at 41.75.
The FXStreet.com Trend Index remains in slightly bearish set up on the 1hour chart, while the ob/os index remains neutral. Initial support sits at 1.1936 (previous day low), followed by 1.1907 (low from 5/31). Initial resistance sits at 1.1991 (the 20dma), followed by 1.2030 (open from previous day).