10 Oct 2013
AUD/NZD pennant pattern below 1.14?
FXstreet.com (Chicago) - AUD/NZD dipped below the upward trendline that started last September 30th but bounced off 1.1362 lows ahead of Australian job market data and attempts consolidation above 1.1370.
Price action reveals a pair attempting to consolidate a long-term reversal on weekly charts with primary and secondary trends pointing up. Hourly charts indicate high activity on potential shooting star candle pattern with bulls pressing higher against stronger bears that catalyze lower highs and lows ahead of important unemployment data due in Australia.
AUD/NZD Technical Levels
Technically speaking, the pair trades at 1.1369 oscillating between supports aligned at 1.1335 (October 3rd highs), 1.13 (September 27th highs) ahead of 1.1265 (October 3rd lows) and the resistances set at 1.14 (October 7th highs), 1.1432 (September 13th highs) followed by 1.1464 (September 5th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.
Price action reveals a pair attempting to consolidate a long-term reversal on weekly charts with primary and secondary trends pointing up. Hourly charts indicate high activity on potential shooting star candle pattern with bulls pressing higher against stronger bears that catalyze lower highs and lows ahead of important unemployment data due in Australia.
AUD/NZD Technical Levels
Technically speaking, the pair trades at 1.1369 oscillating between supports aligned at 1.1335 (October 3rd highs), 1.13 (September 27th highs) ahead of 1.1265 (October 3rd lows) and the resistances set at 1.14 (October 7th highs), 1.1432 (September 13th highs) followed by 1.1464 (September 5th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.