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AUD/NZD: Another decline towards 1.05 likely - Westpac

FXStreet (Bali) - According to David Coloretti, FX Technical Analyst at Westpac, a decline in AUD/NZD towards 1.05 is now likely, with the rally in 2014 seen as a correction that precedes a major low.

Key Quotes

"AUDNZD has had 3 major declines since 1992, all of which took the monthly slow stochastic below the oversold 20 level. In all 3 case (‘93, ‘03, ’14) the subsequent correction has been approximately 8-10 big figures. We note that in ‘93 and ‘03 this initial correction was followed by a new low, 2-3 years later, that completed the downtrend and set up rallies of 25%+."

"History thus tells us that the rally of 2014 is likely to be the correction that precedes the major low. Another decline towards 1.05 is now likely, before a possible major low is produced. Note that the previous major lows (“2”) were accompanied by LT momentum failures."

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