AUD/NZD Short-Term Technical Outlook

Currency Pair: AUD/NZD
Chart: 15 Min Charts
Short-Term Bias: Long

A short-term correction looks to be underway, and may offer profitable opportunities for forex traders.

Analysis

After peaking to 1.2383 during yesterday’s trading session, the AUD/NZD has come under considerable selling pressure, and has broken below the lower channel. A short-term correction looks to be underway, and may offer profitable opportunities for forex traders.

The divergence from the 120 SMA line has led us to hold a bullish outlook for the near-term, and expect price action to move back within the channel over the next few trading sessions. The big fall in the AUD/NZD has triggered an oversold RSI signal, and looks to be finding support near 1.2205 (21.4% Fib level). We expect the pair to work its way back towards the 120 SMA line, but may find resistance near 1.2300 (61.8% Fib level). Be sure to check out Jamie’s Technical Outlook for the additional information on the major currency pairs.