4 Nov 2015

AUD/NZD SUPPORT TURNED RESISTANCE... OR NOT?

AUD/NZD DAILY

The rate is currently testing the major 1.0900 level which has acted as important level of interest for many times in the past.

A strong rejection from this level would indeed the polarity change as the old support becomes the new resistance and may take the rate down to test the yearly lows around parity (1.0000).

A break above this level, however, would indicate the rate is ready to continue higher and we should target the previous highs around 1.1400 level.




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