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Nov 26 - 07:24 AM
AUD/NZD - COMMENT-AUD/NZD Cloud Rejection Puts Aussie In Firing Line
First appeared on eFXplus on Nov 26 - 05:05 AM

While the China-U.S.
trade position holds commodity currencies to ransom, AUD is finding the going tough versus NZD.
The AUD/NZD technical picture shows a rejection at the monthly ichimoku cloud, 1.0811-1.0928.
Longer-term charts suggest the October and November slide could set up a run back to the 1.0110 multi-year low from January.
The bigger prize for AUD bears, the significant 1.0021 low from April 2015, could be a level too far for the current trend.
Weekly action is hinting at a degree of supply fade, with a long lower candle wick, but the week is young.
Price just sticking to the 55-WMA at 1.0567 and possibly baulking at the weekly cloud base at 1.0516.
Shorter-term, it's all about an over-sold market and corrective risk.
A Monday low of 1.0548 and close below the 200-DMA, 1.0571, was not enough to prevent a rebound.
A Tuesday close back above the 200-DMA could trigger a squeeze to the 100-DMA at 1.0640, where fresh offerings could send the cross lower again.


AUD/NZD Monthly Ichimoku Chart: Click here

AUD/NZD Weekly Ichimoku Chart: Click here

AUD/NZD Daily Candle Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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