AUDNZD, Daily
Both the AUD and NZD have had good starts to 2017. They are the best two performing currencies of the ones we monitor. A strong uptrend looks to be at least cooling as the pair roll over from a pivot high (1.1035) on Thursday (March 16) and a confirmed Fractal high on Monday (March 20). A SHORT position was taken on the close of the third down candle at close yesterday 1.0906 (March 21). Target 1 is the first resistance level at the 23.6 Fibonacci retracement and the 20 day moving average at 1.0845. Target 2 is the 38.2 Fibonacci retracement at 1.0755. RSI and MACD remain negative and the Parabolic SAR turned negative today. A break of the recent high at would negate this downward move.
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Stuart Cowell
Senior Market Analyst
HotForex
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