Benjamin Wong, Strategist at DBS Bank Ltd, points out that as long as AUD/NZD remains above the support range 1.0658/81 it would remain in a bull mode.
Key Quotes:
“The AUD/NZD cross last trooped off higher from a 1.0869 low, pretty much respecting the 200-day moving average (dma) at 1.0865. It traded off toward a 1.0992 high before receding on lost momentum amid a minor double-top.”
“The nearest support is perched on the underlying trendline support drawn from the mid-June lows, around 1.0659, which tangents into the 15-dma. Conceptually, unless the cross breaks under the blue support zone – which is pegged between the 61.8% retracement of 1.0681 and the prior low of 1.0659 – the AUD/NZD remains in a bull mode.”
“The upside target can still translate into a push toward the 76.4% retracement of the 1.1430-1.0238 range grip, around 1.1149.”
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