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Forex: AUD/NZD resists below 1.24 Fib

AUD/NZD is currently at 1.2379, off recent fresh Feb highs at 1.2345, printed on weaker than expected trade balance figures for NZ, showing a deficit of -305M. Data showed exports weakened while exports rose, mostly due to “reconstruction activity,” said Societe Generale analysts, “and hence not such a bad development,” they noted.

The cross leaves behind an inverted head and shoulders pattern, with the head being another smaller inverted head and shoulders itself, at multi-month Feb 15 lows 1.2140, while neck line of the bigger pattern now lies around the 1.2340 price area, and targets at the Jan 30 highs 1.2550. The cross is finding so far resistance at the 38.2% Fibo retrace of latest daily down leg 1.2828/1.2140 at 1.2400, also previous Oct lows.

Immediate support to the downside for AUD/NZD lies at Feb 20 highs 1.2350, followed by Feb 13 lows at 1.2312, and Monday's lows at 1.2260. To the upside, closest resistance shows at yesterday's fresh Feb highs/Jan 27 lows 1.2345, followed by Jan 02/30 lows at 1.2467, and Jan 09/10/14/17 lows at 1.2505.

Forex: AUD/USD resisting a break of 1.02

The Australian Dollar has been hit from its intraday highs around 1.0235 to re-approach the 1.0200 area, where bids ahead of it continue to protect the level. Current price stays at 1.0216 after a 1.0204 day low.
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Forex Flash: GBP/USD to weaken to 1.478 and possibly beyond - RBS

The Sterling is poised to weaken further following a dovish speech by BoE's Fisher, notes Greg Gibbs, currency strategist at RBS, adding also that "BoE members in testimony reiterated the views discussed in the recent MPC meeting that they were prepared to take further measures to spur growth."
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