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AUD/NZD: Attempting A Weekly Close Below Lower Bollinger Band

The Australian and New Zealand dollars have seen some divergence. The Aussie is somewhat stuck after rising while the kiwi seems to have momentum. What’s next? The team at NAB examines the antipodean cross with Bollinger Bands:

Here is their view, courtesy of eFXnews:

NAB FX Technical Strategy Research notes that AUD/NZD bearish weekly reversal pattern completed in  March has triggered a multi-week decline that is accelerating beyond the point of being deemed a correction.

While weekly closes remain below 1.0591,  key support at the lower weekly Bollinger band at 1.0380/90 remains under threat.Last week’s modest bullish reversal has somewhat neutralised the downtrend bias.

The sustainability of the MT downtrend relies upon a weekly close below 1.0380/90.

AUD/NZD is trading circa 1.0390 as of writing.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.