AUDNZD finally rolls over from pivot high

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.


Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our latest webinar and get analysis and trading ideas combined with better understanding on how markets work.

Click HERE to register the next webinar will start in:

Stuart Cowell

Senior Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.