Home AUD/NZD Technical Analysis: Treading on thin ice, and ripe for a major sell-off

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AUD/NZD Technical Analysis: Treading on thin ice, and ripe for a major sell-off

FX Street

Updated: 21 Feb. 2019 | 01:27

AUD/NZD Daily Chart

Within the daily bearish trend, AUD/NZD has so far managed to hold the key horizontal support line est. since June 2017, tested again 13th Feb 2019, despite a series of downbeat data and dovish rhetoric from the Aussie economy and the RBA.
Stochastic readings have moved out of bullish territory from oversold readings which leaves price vulnerable to the downside again.
Wide downside targets are located at 1.0192 as the early Jan flash crash lows.
Upside target is located at the 23.6% fibo target in the 1.0560s.

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