8 Apr 2014
AUD/NZD retreats further below 1.0800
FXStreet (Córdoba) - The AUD/NZD started the week with a decline and finished around 1.0770, 35 pips lower. The price retreated further from last week highs located at 1.0830 and bottomed during the American session at 1.0760, 3-day low. Afterwards rebounded but it was unable to rise back above 1.0800.
The Australian dollar was among the worst performers on Monday, pulling back across the board.
AUD/NZD corrective mode
The pair rallied last week from 1.0650 to 1.0830, reaching levels not seen in five weeks. On Friday tested the highs but the 1.0830 stopped once again the price and the AUD/NZD started to pull back.
So far the retreat could be considered as a correction from last week’s rally. The trend in the short term still looks bullish but facing strong resistance ahead at 1.0830 and 1.0900.
The Australian dollar was among the worst performers on Monday, pulling back across the board.
AUD/NZD corrective mode
The pair rallied last week from 1.0650 to 1.0830, reaching levels not seen in five weeks. On Friday tested the highs but the 1.0830 stopped once again the price and the AUD/NZD started to pull back.
So far the retreat could be considered as a correction from last week’s rally. The trend in the short term still looks bullish but facing strong resistance ahead at 1.0830 and 1.0900.