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2 Aug 2013
AUD/NZD overcomes the 1.13 handle
FXstreet.com (Barcelona) - The AUD/NZD foreign exchange cross rate is last trading at 1.1308 bids, holding above key bid line at 1.13 round, down -1.31% for the week so far, and near a -10% lower year to date, mostly on the back of Aussie weakness in last 3 months.
AUD/NZD short squeeze likely soon
According to FXWW founder Sean Lee, the AUD/NZD cross “Got tantalisingly close to 1.1200 and has since bounced by over 100 pips on the back of heavy profit taking.” For IFRMarkets analysts “the powerful bounce off 1.12 indicates a short squeeze is likely,” with a short term counter trend play looking for a target at 1.1485.
AUD/NZD key technical levels
Immediate support to the downside for AUD/NZD lies at recent session lows 1.1290, followed by Wednesday's late London session lows at 1.1239, and fresh 4.5-year yesterday's lows at 1.1193. To the upside, closest resistance shows at current levels as Tuesday's lows 1.1322, followed by early NY session highs at 1.1360, and July 25 lows at 1.1393.
AUD/NZD short squeeze likely soon
According to FXWW founder Sean Lee, the AUD/NZD cross “Got tantalisingly close to 1.1200 and has since bounced by over 100 pips on the back of heavy profit taking.” For IFRMarkets analysts “the powerful bounce off 1.12 indicates a short squeeze is likely,” with a short term counter trend play looking for a target at 1.1485.
AUD/NZD key technical levels
Immediate support to the downside for AUD/NZD lies at recent session lows 1.1290, followed by Wednesday's late London session lows at 1.1239, and fresh 4.5-year yesterday's lows at 1.1193. To the upside, closest resistance shows at current levels as Tuesday's lows 1.1322, followed by early NY session highs at 1.1360, and July 25 lows at 1.1393.