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AUDNZD May Bounce From Horizontal Support-Line

Sep 19 2017, 12:16 PM (+06) |


Although break of a month-old ascending trend-line dragged AUDNZD to three-week low, the 1.0925-20 horizontal-line is still intact and, together with oversold RSI, could trigger the pair's bounce towards 1.0990 and the 1.1020 nearby resistances. Given the pair manages to extend its recovery beyond 1.1020, the support-turned-resistance, at 1.1035, and a downward slanting TL, near 1.1065, might try limiting its following advances, failing to which could open the door for the quote's north-run in direction to 1.1090 and then the 1.1110 before fueling it to challenge the early-month high around 1.1145.

If at all seller refrain to respect the 1.0925-20 region, prices may quickly drop to another horizontal-area of 1.0865-60, breaking which the 1.0800, the 1.0770 and the 1.0740 might entertain Bears. Moreover, pair's additional south-run below 1.0740 can make it vulnerable to revisit the 1.0720 and the 1.0665-60 supports.

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