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4 Oct 2013
AUD/NZD cracks below upward trendline; still above 1.13
FXstreet.com (Chicago) - AUD/NZD accumulates 0.53% daily gains so far but remains under pressure as reveals by short-term upward trendline violation.
Despite primary and secondary trends pointing up, the short-term trend remains bearish with strong limits around the 1.1340 zone. After the release of better than expected Chinese non-manufacturing data and amid a US government shutdown that goes on, bulls hold on to bearish pressure after earlier rally printing higher highs and lows. Breaking the upward trendline that originated earlier today falling below the 1.13 zone momentarily, bearish pressure is evidences post Wall Street closing.
AUD/NZD Technical Levels
Technically speaking, the pair trades at 1.1321 and oscillates between supports aligned at 1.1294 (September 18th lows), 1.1264 (session lows) ahead of 1.12 (September 30th lows) and resistances set at 1.1337 (September 17th lows), 1.1392 (September 24th highs), 1.1437 (September 17th highs). Above the EMA20, the pair sustains 0.53% gains on Aussie’s winning journey across the board.
Despite primary and secondary trends pointing up, the short-term trend remains bearish with strong limits around the 1.1340 zone. After the release of better than expected Chinese non-manufacturing data and amid a US government shutdown that goes on, bulls hold on to bearish pressure after earlier rally printing higher highs and lows. Breaking the upward trendline that originated earlier today falling below the 1.13 zone momentarily, bearish pressure is evidences post Wall Street closing.
AUD/NZD Technical Levels
Technically speaking, the pair trades at 1.1321 and oscillates between supports aligned at 1.1294 (September 18th lows), 1.1264 (session lows) ahead of 1.12 (September 30th lows) and resistances set at 1.1337 (September 17th lows), 1.1392 (September 24th highs), 1.1437 (September 17th highs). Above the EMA20, the pair sustains 0.53% gains on Aussie’s winning journey across the board.