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26 Aug 2013
AUD/NZD continues correction off of Fibonacci support at 1.1253
FXstreet.com (Barcelona) - The AUD/NZD is trading higher early Monday in response to weak trade balance data out of New Zealand. The rally continues the corrective bounce that began after Fibonacci support at 1.1253 was tested in the beginning of August.
AUD/NZD rallying off of poor New Zealand trade balance data
AUD/NZD bulls took advantage of some weak trade data out of New Zealand Monday to continue its short-term rally. The surprisingly weak data reflects activity from June and July – which did not include the effects of the early August Fonterra problems (so things could clearly get worse when data is reported next month).
Technical outlook for AUD/NZD
Technicians are saying the current upside correction in AUD/NZD may have legs up to around 1.1753 based on some Elliott Wave / Fibonacci projections. However, they point out that the cross will have to conquer shorter-term “correction resistance” for what may be an “abc” correction at 1.1594. First support for AUD/NZD comes in at 1.1438 and is followed by the 8/19 pivot at 1.1263.
AUD/NZD rallying off of poor New Zealand trade balance data
AUD/NZD bulls took advantage of some weak trade data out of New Zealand Monday to continue its short-term rally. The surprisingly weak data reflects activity from June and July – which did not include the effects of the early August Fonterra problems (so things could clearly get worse when data is reported next month).
Technical outlook for AUD/NZD
Technicians are saying the current upside correction in AUD/NZD may have legs up to around 1.1753 based on some Elliott Wave / Fibonacci projections. However, they point out that the cross will have to conquer shorter-term “correction resistance” for what may be an “abc” correction at 1.1594. First support for AUD/NZD comes in at 1.1438 and is followed by the 8/19 pivot at 1.1263.