The Australian Dollar has enjoyed recent gains against many of its major counterparts as risk appetite drives demand for the grow-sensitive Aussie. AUD/NZD has been an exception since August, however, and the pair was locked in a downtrend until December. The final month of the year offered some respite for the Australian Dollar which saw AUD/NZD climb quickly from 1.0417 to the 200-day moving average just north of 1.0715.
In conjunction with resistance offered by the 200-day moving average, AUD/NZD reveals waning momentum with a series of daily candles with long upper wicks. Further still, the recent formation of a death cross in mid-November could suggest the pair is vulnerable to a continuation lower. Levels of invalidation if bearish exposure is to be explored can be set above the nearby 200DMA the November high.
Our information/charts are NOT buy/sell recommendations. Are strictly provided for educational purposes only. Trade at your own risk and analysis.
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