Forex Short-Term Technical Outlook: AUD/NZD

The AUDNZD remains range-bound between 1.1980 and 1.2510, and may offer profitable opportunities for forex traders.

Analysis

Currency Pair: AUD/NZD
Short-Term Bias: Short
Chart: 15 Min Charts

After congesting near 1.2009 (21.4% Fib level of 1.1950-1.2510) earlier this week, the AUDNZD surged higher to hold above 1.2264 (61.8% Fib level of 1.1950-1.2510). A bearish divergence in the RSI has emerged over the past two days, and we anticipate the pair to move lower over the next few trading sessions. If the pair is able to gain enough downward momentum, we may see the aussie-kiwi break below its current congestion level near 1.2009 (21.4% Fib level of 1.1950-1.2510), and could work its way down to test 1.1775 for near-term support.

DailyFX

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